California Health Facilities Finance Authority Cottage Health System; Hospital Nov 11

Standard & Poors, November 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'A+' rating and underlying rating (SPUR) on the California Health Facilities Finance Authority's series 2003B revenue bonds and its 'A+' rating on the California Statewide Communities Development Authority's series 2010 revenue bonds, both issued for Cottage Health System (CHS). The outlook is stable. The 'A+' ratings reflect our view of CHS' excellent historical operating performance and sizeable liquidity position, as well as the support it receives from the affiliated, but nonobligated, Santa Barbara Cottage Hospital Foundation (the foundation). In our view, CHS has posted impressive operating results due in part to its excellent market presence in an attractive service area, and we believe it remains well positioned to continue to do so. More...

Companies mentioned in this report are:
- Cottage Hlth Sys
- California Hlth Facs Fincg Auth
- California Statewide Communities Dev Auth

Action: Affirmed

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.

Research Type: Full Analysis

- Cottage Hlth Sys
- California Hlth Facs Fincg Auth
- California Statewide Communities Dev Auth

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