Summary: Scripps Health, CA Series 2010C Bonds Rating Raised To 'AAA/A-1+'; Joint Criteria Jan 12

Standard & Poors, January 2012

Abstract
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
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.

Scripps Hlth,California Hlth Facs Fin Auth

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