CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed the 'F1+' short-term rating on the following revenue bonds issued on behalf of Stanford Hospitals and Clinics:
--$60 million California Health Facilities Financing Authority series 2012C;
--$84.1 million California Health Facilities Financing Authority series 2008B-1;
--$84.1 million California Health Facilities Financing Authority series 2008B-2.
Fitch has a long-term rating of 'AA-' on Stanford Hospital and Clinics (SHC).
The 'F1+' rating is based on the sufficiency of SHC's liquid resources and written procedures to fund any un-remarketed variable-rate demand bonds (VRDBs). The corporation has a total of $84.1 million of tax-exempt weekly VRDBs, $60 million of variable-rate bonds in seven-month Windows mode and $84.1 million VRDBs in a commercial paper mode. Currently, SHC's maximum put exposure in any given week on bonds supported by self-liquidity is approximately $186.1 million.
Based on Fitch's Rating Criteria related to Self-Liquidity, SHC maintains 'eligible' cash and investments in excess of the 125% threshold of its maximum put exposure for assignment of the 'F1+' rating. Stanford posts a monthly liquidity report to the MSRB's EMMA website.
For more information on SHC, see Fitch's rating action commentary 'Fitch Rates Stanford Hospital & Clinics (CA) 2012 Revs 'AA-', 'AA-/F1+'; Outlook Stable' dated April 30, 2012, available at 'www.fitchratings.com'.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Criteria for Assigning Short-Term Ratings Based on Internal Liquidity', June 15, 2012.
Applicable Criteria and Related Research
Criteria for Assigning Short-Term Ratings Based on Internal Liquidity
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=681822
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=789926
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