Summary: California Statewide Communities Development Authority John Muir Health; Hospital; Lease Sep 09

Standard & Poors, September 2009

Abstract
Standard & Poor's Ratings Services raised its dual ratings on California Statewide Communities Development Authority's series 2008A and 2008B variable-rate revenue bonds issued on behalf of John Muir Health (JMH) to 'AAA/A-1' from 'A+/A-1'. Standard & Poor's also raised the authority's series 2008C variable-rate revenue bonds issued on behalf of JMH to 'AAA/A-1+' from 'AA/A-1+'. The upgrades reflect Standard & Poor's recent update to our methodology and assumptions for rating jointly supported obligations (see, "General Criteria: Joint-Support Criteria Update," published April 22, 2009, on RatingsDirect). Standard & Poor's reviewed the bond documents for all three series. Each of the letter of credit (LOC) providers for the series 2008A and series 2008B (UBS AG, Stamford Branch; 'A+/A-1'), and the series 2008C...

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

Action: Affirmed
Action: Outlook: Stable
Action: Removed From CreditWatch
Action: Upgraded

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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