Summary: California Statewide Communities Development Authority Redlands Community Hospital; Hospital; Joint Criteria Jun 10

Standard & Poors, June 2010

Abstract
Standard & Poor's Ratings Services affirmed its 'BBB' rating and underlying rating (SPUR) on California Statewide Communities Development Authority's series 2005A-2005B health care revenue bonds, issued for Redlands Community Hospital (RCH). The outlook is stable. At the same time, we affirmed our 'AAA/A-1+' rating on the authority's series 2005B variable-rate revenue bonds based on the application of Standard & Poor's joint criteria assuming low correlation. The 'AAA' long-term component of the rating is based jointly on our view of a letter of credit (LOC) provided by JPMorgan Chase Bank NA (AA-/A-1+) and the 'BBB' SPUR on RCH. The 'A-1+' short-term component of the rating is based solely on our opinion of the LOC provider. Factors supporting the 'BBB' ratings include...

Companies mentioned in this report are:
- Redlands Comnty Hosp
- California Statewide Communities Dev Auth

Action: Affirmed
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.

- Redlands Comnty Hosp
- California Statewide Communities Dev Auth

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