Summary: Bon Secours Health System Inc., Maryland; System Aug 07

Standard & Poors, August 2007

Abstract
Standard & Poor's Ratings Services affirmed its 'A-' ratings and underlying ratings on Bon Secours Health System Inc., Md.'s (BSHSI) outstanding bonds, issued by various authorities. The 'A-' ratings reflect: Continued execution of a planned portfolio reconfiguration in the last several years, including several divestitures and a new hospital opening, a factor that is positive for BSHSI's long-term prospects and allows management to focus on its key facilities; Adequate operating performance for ongoing operations, although some margin compression is evident in fiscals 2007 and 2006, and bottom lines have been slim due to discontinued operations recorded in non-operating income; Relatively strong business prospects for most of BSHSI's remaining health facilities after completion of the major repositioning that has been underway...

Companies mentioned in this report are:
- Bon Secours Hlth Sys, Inc.
- Venice
- Henrico Cnty Indl Dev Auth
- Chesterfield Cnty Indl Dev Auth
- South Carolina Jobs Econ Dev Auth
- Russell
- Norfolk Econ Dev Auth

Action: Affirmed

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.

- Bon Secours Hlth Sys, Inc.
- Venice
- Henrico Cnty Indl Dev Auth
- Chesterfield Cnty Indl Dev Auth
- South Carolina Jobs Econ Dev Auth
- Russell
- Norfolk Econ Dev Auth

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