Summary: John Muir Med Ctr, CA; Health Care, System Dec 04

Standard & Poors, December 2004

Abstract
Standard & Poor's Ratings Services today affirmed its 'A+' underlying rating (SPUR) on the California Statewide Communities Development Authority's certificates of participation, issued for the John Muir/Mt. Diablo Health System (JMMD). The affirmation was based on: Continued robust operating profitability in fiscal 2003 and through the first nine months of 2004, A solid and improving balance sheet for the rating level, and The two-hospital system's strong market position and favorable demographics in its service area of Contra Costa County. Offsetting factors include a sizable bond issuance (estimated to be $240 million) expected to take place in early 2005 and associated construction projects at both of JMMD's campuses. JMMD experienced another year of significant operating revenue and income growth in 2003,...

Companies mentioned in this report are:
- John Muir Health
- California Statewide Communities Dev Auth

Action: Affirmed

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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.

- John Muir Health
- California Statewide Communities Dev Auth

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