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Summary: Scripps Health, CA Series 2010C Bonds Rating Raised To 'AAA/A-1+'; Joint Criteria Jan 12
Standard & Poors, January 2012
Standard & Poor's Ratings Services raised it rating on California Health Facilities Financing Authority's (Scripps Health) refunding revenue bonds series 2010C to 'AAA/A-1+' from 'AAA/A-1', based on a substitute letter of credit (LOC) provided by The Northern Trust Co. (AA-/A-1+). The long-term component of the rating is based on the application of joint criteria (assuming low correlation) on the underlying rating (SPUR) on the obligor, Scripps Health (AA-), and the rating on the LOC provider. The LOC provides coverage for payment of principal and interest on the bonds for a maximum 53 days of interest coverage at 12% annually. The anticipated date of expiration of the LOC is Jan. 25, 2017. The LOC will provide coverage for the weekly and...
Companies mentioned in this report are: Scripps Hlth,California Hlth Facs Fin Auth
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Scripps Hlth,California Hlth Facs Fin Auth