Summary: California Statewide Communities Development Authority Daughters of Charity Health System; System Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'BBB' rating on California Statewide Communities Development Authority's $453 million of series 2005A, 2005F, 2005G, 2005H, and 2008A fixed-rate bonds, issued for the Daughters of Charity Health System (DCHS). The outlook is negative. DCHS is a mission-driven system serving portions of California that have been greatly affected by the recent economic downturn. As a result, volumes and patient revenue, absent the California provider tax receipts, have declined since 2009. Management has taken steps, including initiating a consulting engagement to enhance revenue and cut expenses by $80 million a year, and shifting to an operating model from a holding company. Furthermore, the rating has some cushion at this time as it seems increasingly likely...

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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