Summary: District Of Columbia Sibley Memorial Hospital; Hospital Jun 09

Standard & Poors, June 2009

Abstract
Standard & Poor's Ratings Services assigned its 'A' rating, and stable outlook, to District of Columbia's series 2009 hospital revenue bonds, issued for Sibley Memorial Hospital. The rating reflects the hospital's: Very strong liquidity, characterized by 787 days' cash on hand as of Dec. 31, 2008; Solid operating results with an operating margin at about 8.0% for the past three years despite declining volumes -- Management, however, expects fiscal 2009 results will be weaker than historical levels; and Light pro forma debt-to-capital ratio of 18.2% as of Dec. 31, 2008, factoring in the series 2009 bonds -- With the addition of the expected $125 million of additional debt in 2011, however, debt burden will be quite significant. A higher rating...

Companies mentioned in this report are:
- Sibley Mem Hosp
- District of Columbia

Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Sibley Mem Hosp
- District of Columbia

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