California Statewide Communities Development Authority Orthopaedic Hospital & Los Angeles Orthopaedic Hospital Foundation; Hospital Mar 09

Standard & Poors, March 2009

Abstract
Standard & Poor's Ratings Services affirmed its 'BBB+' underlying rating (SPUR) on California Statewide Communities Development Authority's $50.6 million series 2000 certificates of participation (COPs), issued for the Orthopaedic Hospital (OH) and Los Angeles Orthopaedic Hospital Foundation. The outlook is stable. Orthopaedic Hospital operates outpatient and urgent-care facilities near downtown Los Angeles for the treatment of children with musculoskeletal disorders and orthopedic injuries. OH also operates research facilities on its downtown campus. Los Angeles Orthopaedic Hospital Foundation (LAOHF) is a charitable fundraising organization formed to support OH and is controlled by OH. Given the nature of its business model, OH's operating income is consistently negative. However, support provided by the obligated Los Angeles Orthopaedic Hospital Foundation (LAOHF), and significant nonoperating...

Companies mentioned in this report are:
- 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.

Research Type: Full Analysis

- California Statewide Communities Dev Auth

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