Summary: Intercommunity Hospital Finance Authority, California NorthBay Healthcare System Obligated Group; Hospital Feb 13

Standard & Poors, February 2013

Abstract
Standard & Poor's Ratings Services revised its rating outlook to stable from negative and affirmed its BBB-' long-term rating and underlying rating (SPUR) on Intercommunity Hospital Finance Authority, Calif.'s series 1998 certificates of participation (COPs), issued on behalf of the NorthBay Healthcare System Obligated Group (NorthBay). The outlook revision reflects our assessment of NorthBay's improved operating performance in unaudited fiscal year 2012, driven by stronger volumes and cost controls implemented by management. In addition, NorthBay's balance sheet remains strong, with a fairly low amount of debt, and we expect this to continue to be the case through the outlook period given a change in project plans. Since the time of our last report, management has decided to forgo its planned...

Companies mentioned in this report are:
- Northbay Hlthcare Sys Obligated Group
- Intercomnty Hosp Fin Auth

Action: Affirmed
Action: Outlook: Stable

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.

- Northbay Hlthcare Sys Obligated Group
- Intercomnty Hosp Fin Auth

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