Summary: California Statewide Communities Development Authority Citrus Valley Health Partners; Hospital Feb 09

Standard & Poors, February 2009

Abstract
Standard & Poor's Ratings Services revised its rating outlook to negative from stable on California Statewide Communities Development Authority's $82.515 million certificates of participation (COPs), issued for Citrus Valley Health Partners (CVHP). At the same time, Standard & Poor's affirmed its 'BB+' underlying rating (SPUR) on the COPs. The outlook revision reflects our view of CVHP's: Much weaker fiscal 2008 financial performance, with operating and excess margins of negative 1.0% and negative 1.4%, respectively, producing coverage of maximum annual debt service (MADS) of 1.9x; and Decreased inpatient volumes of 5.8% in fiscal 2008 compared with fiscal 2007 results. Supporting the 'BB+' SPUR, in our opinion, is CVHP's: Balance sheet, which has unrestricted liquidity of $63.0 million (at unaudited fiscal 2008...

Companies mentioned in this report are:
- Citrus Vy Hlth Partners
- California Statewide Communities Dev Auth

Action: Affirmed
Action: Outlook: Negative

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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.

- Citrus Vy Hlth Partners
- California Statewide Communities Dev Auth

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