Summary: Sutter Hlth Sys, CA; Health Care, System Sep 04

Standard & Poors, September 2004

Abstract
Standard & Poor's Ratings Services affirmed its 'AA-' rating on approximately $1.25 billion in revenue bonds outstanding, issued for Sutter Health System by California Health Facilities Finance Authority, California Statewide Communities Development Authority, and the City of Modesto. The outlook on all outstanding debt is stable. The rating is based on: Continued strong financial results, with year-to-date operating margins in excess of 7.5% generating robust cash flow and debt service coverage; Sutter's solid market position and focused strategy in Northern California, with 31 hospitals providing significant revenue diversity and risk dispersion; and A strong management team with a history of meeting the system's financial targets and capital spending initiatives. Ongoing challenges for Sutter include the expiration of a number of...

Companies mentioned in this report are:
- Sutter Hlth
- Modesto
- 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.

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.

- Sutter Hlth
- Modesto
- California Hlth Facs Fincg Auth
- California Statewide Communities Dev Auth

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