Research Update: United Surgical Partners International Inc. 'BB-' Rating Affirmed, Removed From Watch Positive Apr 06

Standard & Poors, April 2006

Abstract
On April 17, 2006, Standard & Poor's Ratings Services affirmed its ratings on Dallas-based United Surgical Partners International Inc., including the 'BB-' corporate credit rating, and removed them from CreditWatch, where they were placed with positive implications on Oct. 28, 2005. The outlook is stable. The ratings affirmation follows United Surgical's announcement of its agreements to acquire Surgis Inc. and multiple facilities based in the greater St. Louis, Mo., market. These acquisitions indicate a more aggressive growth strategy and are more appropriate for the existing rating level. The ratings on United Surgical continue to reflect the company's narrow operating focus as an owner and operator of surgical facilities, and its aggressive growth strategy and third-party reimbursement risks. Attractive industry demand...

Companies mentioned in this report are: United Surgical Partners International Inc.
Action: Affirmed
Action: Outlook: Stable
Action: Removed From CreditWatch

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

United Surgical Partners International Inc.

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