Summary: Bon Secours Health System Inc., MD Series 2002B, 2002B, And 2008A Bonds Ratings Lowered To ?AAA/A-1?; Joint Criteria Dec 11

Standard & Poors, December 2011

Abstract
Standard Poor's Ratings Services lowered its ratings on Venice, Fla.'s hospital variable-rate demand obligation bonds series 2002B, Russell, Ky.'s hospital variable-rate demand obligation bonds series 2002B, and South Carolina Jobs Economic Development Authority's hospital variable-rate demand obligation bonds series 2008A, all issued on behalf of Bon Secours Health System Inc., to 'AAA/A-1' from 'AAA/A-1+'. This action follows Standard Poor's Nov. 29, 2011, downgrade of its rating on JPMorgan Chase Bank N.A. to 'A+/A-1' from 'AA-/A-1+' (see "Standard & Poor's Applies Its Revised Bank Criteria To 37 Of The Largest Rated Banks And Certain Subsidiaries," published Nov. 29, 2011, on RatingsDirect on the Global Credit Portal. Criteria: Methodology And Assumptions: Approach To Evaluating Letter Of Credit-Supported Debt, July 6, 2009...

Companies mentioned in this report are: Bon Secours Hlth Sys, Inc.,Venice,South Carolina Jobs Econ Dev Auth,Russell
Action: Downgraded

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.

Bon Secours Hlth Sys, Inc.,Venice,South Carolina Jobs Econ Dev Auth,Russell

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