Summary: California Statewide Communities Development Authority John Muir Health; Joint Criteria Feb 11

Standard & Poors, February 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'AAA/A-1+' rating on California Statewide Communities Development Authority's (John Muir Health) variable-rate revenue bonds series 2008C due to the letter of credit being extended to June 2, 2014. The rating is based on the application of joint criteria (assuming medium correlation). Standard & Poor's joint criteria assumes the likelihood of non-payment of debt is reduced when two rated entities are obligated to make the debt service payments. The 'AAA' long-term component of the rating reflects the strength of both the letter of credit (LOC) provided by Wells Fargo N.A. (AA/A-1+) and the underlying rating (SPUR) on John Muir (A+). The 'A-1+' short-term component of the rating remains based solely on the LOC provided...

Companies mentioned in this report are:
- John Muir Health
- 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.

- John Muir Health
- California Statewide Communities Dev Auth

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