Summary: California Hlth Facs Fin Auth; Health Care, Hospital; Health Care, System; Public Finance Structured, Insured Liquidity Nov 00

Standard & Poors, November 2000

Abstract
The placement on CreditWatch with negative implications of bonds issued for Catholic Healthcare West (CHW), Calif. by California Health Facilities Finance Authority; Henderson, Nev.; California Statewide Communities Development Authority; Maricopa County Industrial Development Authority, Ariz.; and Arizona Health Facilities Authority follows the release of CHW's audited fiscal 2000 financial results, which proved significantly worse than expectations. Standard & Poor's is scheduled to meet with the new management team at CHW at the end of November to review audited results, the budget for fiscal 2001, and the strategic plan in detail, at which time a downgrade will be considered. CHW was downgraded to 'BBB+' from 'A' in June 1999, and the outlook was revised to negative in November 1999. At that...

Companies mentioned in this report are:
- California Hlth Facs Fincg Auth
- Arizona Hlth Facs Auth
- Henderson
- Maricopa Cnty Indl Dev Auth
- Dignity Hlth
- California Statewide Communities Dev Auth

Action: On CreditWatch:Negative

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.

- California Hlth Facs Fincg Auth
- Arizona Hlth Facs Auth
- Henderson
- Maricopa Cnty Indl Dev Auth
- Dignity Hlth
- California Statewide Communities Dev Auth

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