Summary: Massachusetts Development Finance Agency Partners HealthCare System Inc.; CP; System Dec 10

Standard & Poors, December 2010

Abstract
Standard & Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to the Massachusetts Development Finance Agency's series 2010K3-K6 bonds, issued for Partners HealthCare System Inc. In the coming weeks, we understand Partners plans to sell its series K1 and K2 bonds as variable-rate demand bonds (VRDBs) -- the new money and debt refunding associated with the entire series K issuance has been fully factored into this rating update; however, ratings on the series K-1 and K2 bonds will likely be assigned just before the transaction. In total, the series K issuance is expected to be approximately $429.4 million, including approximately $229.4 million in refundings. Standard & Poor's also affirmed its 'AA' long-term rating and underlying rating (SPUR),...

Companies mentioned in this report are:
- Partners Healthcare Sys, Inc.
- Massachusetts Development Finance Agency
- Massachusetts Coll of Pharmacy & Hlth Sciences

Action: Affirmed
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.

- Partners Healthcare Sys, Inc.
- Massachusetts Development Finance Agency
- Massachusetts Coll of Pharmacy & Hlth Sciences

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