Summary: California Statewide Communities Development Authority, Huntington Memorial Hospital; Hospital Sep 10

Standard & Poors, September 2010

Abstract
Standard & Poor's Ratings Services revised its outlook to stable from negative and affirmed its 'A+' long-term rating on California Statewide Communities Development Authority's series 2005 health care revenue bonds, issued for Huntington Memorial Hospital (HMH). The revised outlook reflects our view of HMH's strong market position in a favorable service area, good fund raising ability, improved financial performance, and moderate debt burden. The rating reflects our view of HMH's: Moderate debt burden, with maximum annual debt service (MADS) comprising 2.9% of total revenue and debt to capitalization of 33.0%; Manageable capital needs with the recent completion of a new patient tower; and Strong philanthropy that has generated annual contributions of $15 million and a current capital campaign for an...

Companies mentioned in this report are:
- Huntington Mem 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.

- Huntington Mem Hosp
- California Statewide Communities Dev Auth

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