Summary: Philadelphia Hospitals and Higher Education Facilities Authority Children's Hospital of Philadelphia; Hospital Nov 10

Standard & Poors, November 2010

Abstract
Standard & Poor's Ratings Services affirmed its 'AA' long-term rating on the Philadelphia Hospitals and Higher Education Facilities Authority, Pa.'s series 2007A fixed rate revenue bonds issued for The Children's Hospital Foundation, doing business as Children's Hospital of Philadelphia (CHOP). In addition, Standard & Poor's affirmed its 'AA/A-1+' rating on the authority's series 2008A-C revenue refunding variable-rate demand bonds (VRDBs) and series 2002A, 2002B, 2003A, and 2005A VRDBs, also issued for CHOP. The outlook on all ratings is stable. The long-term component of the 'AA/A-1+' dual rating is based on CHOP, while the short-term component is based on various standby bond purchase agreements (SBPAs). The SBPA on the series 2005A bonds expires Feb. 28, 2011, but management reports that it...

Companies mentioned in this report are: Children's Hosp of Philadelphia,Philadelphia Hosp & Hgr Ed Fac Auth
Action: Affirmed
Action: Outlook: Stable

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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.

Children's Hosp of Philadelphia,Philadelphia Hosp & Hgr Ed Fac Auth

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