Summary: California Statewide Communities Development Authority Daughters of Charity Health System; System Dec 10

Standard & Poors, December 2010

Abstract
Standard & Poor's Ratings Services revised its rating outlook to negative from stable on the Daughters of Charity Health System (DCHS), Calif. and affirmed its 'BBB' long-term rating on the system's $463 million series 2005A, 2005F, 2005G, 2005H, and 2008A fixed-rate bonds, which were issued by the California Statewide Communities Development Authority. Operating losses at DCHS accelerated in 2010 and have continued through the first quarter of fiscal 2011 at a higher pace. As a result, the system has made a decision to increase integration among the hospitals through a shift away from a decentralized management company and toward centralized management in an effort to decrease fixed costs throughout the system. Daughters of Charity has hired consultants to guide it...

Companies mentioned in this report are:
- Daughters of Charity Hlth Sys
- California Statewide Communities Dev Auth

Action: Affirmed
Action: Outlook: Negative

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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.

- Daughters of Charity Hlth Sys
- California Statewide Communities Dev Auth

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