Summary: California Statewide Communities Development Authority's Series 2008D Bonds Rating Lowered To 'A+/A-1'; Letter of Credit Jul 10

Standard & Poors, July 2010

Abstract
Standard & Poor's Ratings Services lowered its rating on California Statewide Communities Development Authority's (Rady Children's Hospital and Health Center - San Diego) variable-rate revenue bonds series 2008D to 'A+/A-1' from 'AA/A-1+', based on the substitution of the letter of credit (LOC) provided by Wells Fargo Bank ('AA/A-1+'; formerly Wachovia Bank N.A.) to one provided by Bank of Montreal (A+/A-1). The substitution is scheduled for July 29, 2010. The LOC provides coverage for payment of principal of and interest on the bonds, including payment of unremarketed tendered bonds. The LOC provides for a maximum of 55 days of interest coverage at 12% per annum and enhances bonds in the weekly and daily rate modes. Bondholders may tender their bonds during the weekly...

Companies mentioned in this report are:
- Rady Children's Hosp & Hlth Ctr
- California Statewide Communities Dev Auth

Action: Downgraded

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.

- Rady Children's Hosp & Hlth Ctr
- California Statewide Communities Dev Auth

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