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Cottage Health System, California; Hospital; Joint Criteria Apr 10 Product Image

Cottage Health System, California; Hospital; Joint Criteria Apr 10

  • ID: 2044492
  • April 2010
  • Region: California
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services affirmed its 'A+' underlying rating (SPUR), 'A+/A-1', and 'AAA/A-1+' ratings on Cottage Health System (CHS), Calif.'s previously issued debt through California Statewide Communities Development Authority and California Health Facilities Finance Authority. The 'A+' SPUR on the $54.5 million series 2003B bonds is based on our assessment of CHS. The 'A+/A-1' rating on the $100 million series 2008A and 2008B variable-rate demand bonds (VRDBs) is based on our assessment of CHS and its ability to fund any unremarketed tenders. As of Feb. 28, 2010, CHS has identified $316.72 million in fixed income assets to guarantee the full and timely purchase price of $100 million variable-rate debt. The range of assets backing the debt is made up of...

Companies mentioned in this report are:
- Cottage Hlth Sys
- California Hlth Facs Fincg Auth
- California Statewide Communities Dev Auth

Action: Affirmed

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.

Research Type: Full Analysis

- Cottage Hlth Sys
- California Hlth Facs Fincg Auth
- California Statewide Communities Dev Auth

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