Summary: Scripps Health, CA Series 2007A Bonds Rating Raised To 'A+/A-1'; Letter of Credit Mar 12

Standard & Poors, March 2012

Abstract
Standard & Poor's Ratings Services raised its rating on California Statewide Communities Development Authority's variable-rate revenue bonds (SWEEP Loan program) series 2007A, issued for Scripps Health, to 'A+/A-1' from 'A/A-1', based on a substitute letter of credit (LOC) provided by U.S. Bank N.A. (A+/A-1). The LOC will provide payments for regularly scheduled principal and interest payments, as well as for unremarketed tendered bonds, for 49 days at 12% per annum. The anticipated expiration date of the LOC is March 1, 2017. The bonds are currently in the weekly rate mode, but may be converted to other modes. During the weekly rate mode, bondholders will be able to tender their bonds by providing requisite notice. Upon conversion to another mode, the...

Companies mentioned in this report are:
- Scripps Hlth
- California Statewide Communities Dev 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 Statewide Communities Dev Auth

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