Summary: Madera County, California Children's Hospital Central California; Hospital Feb 13

Standard & Poors, February 2013

Abstract
Standard & Poor's Ratings Services affirmed its long-term 'A+' rating on Children's Hospital Central California's (Children's) outstanding debt issued by Madera County. The outlook is stable. The rating reflects Children's robust operating results in recent years and much improved balance sheet due in large part to the receipt of significant net Quality Assurance Fee funds, despite a challenging payer mix. Children's' has a strong market position as the only specialty children's hospital in Central California. Despite the considerable improvement in the financial profile, the hospital continues to have a challenging payer mix. We believe there is risk associated with the long-term benefit of the Quality Assurance Fee and future governmental reimbursement reductions. More specifically, the rating reflects our view of Children's:...

Companies mentioned in this report are:
- Children's Hosp Central California
- Madera Cnty

Action: Affirmed

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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.

- Children's Hosp Central California
- Madera Cnty

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