Summary: Childrens Hosp Los Angeles, CA; Health Care, Hospital Jun 05

Standard & Poors, June 2005

Abstract
The ratings on California Statewide Communities Development Authority's hospital variable-rate demand obligations series 2002 A and 2002 B, issued on behalf of Childrens Hospital Los Angeles, have been affirmed subsequent to the bank facility being extended to May 20, 2006. The long-term component of the rating on the bonds reflects the credit quality of the insurer, Ambac Assurance Corp. The short-term component of the rating is based on the credit quality of JPMorgan Chase Bank N.A. The stable outlook reflects the outlook of the bond insurer....

Companies mentioned in this report are:
- Children's Hosp Los Angeles
- 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.

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.

- Children's Hosp Los Angeles
- California Statewide Communities Dev Auth

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