Summary: California Statewide Communities Development Authority Community Hospital Of The Monterey Peninsula; Hospital Jan 10

Standard & Poors, January 2010

Abstract
Standard & Poor's Ratings Services affirmed it's 'A+' long-term and underlying rating (SPUR) on California Statewide Communities Development Authority's outstanding revenue bonds, issued on behalf of the Community Hospital of the Monterey Peninsula (CHOMP). In our view, CHOMP continues to benefit from a very good business position, generating sound operating margins and robust coverage. More specifically, the rating is based on our view of CHOMP's: Continued strong operating results, largely due to cost containment measures; Strong cash flows leading to very good maximum annual debt service (MADS) coverage; Dominant market position as the sole community provider in Monterey, Calif.; Favorable payer mix, with limited Medi-Cal volumes and no managed care; Moderate debt levels and relatively limited capital spending plans, which...

Companies mentioned in this report are:
- Community Hosp of the Monterey Peninsula
- 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.

- Community Hosp of the Monterey Peninsula
- California Statewide Communities Dev Auth

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