CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed the 'F1+' rating for Dean Health Systems, Inc.'s (DHS) $100 million commercial paper (CP) program. The CP rating is unaffected by the recent acquisition of DHS by SSM Health Care.
The CP is issued by DHS and backed by a direct pay letter of credit (LOC) facility provided by U.S. Bank, N.A. (US Bank), which terminates July 15, 2015. The LOC facility is irrevocable and represents an obligation which U.S. Bank must honor, regardless of DHS's credit profile, including the occurrence of any default.
Since this LOC facility provides full credit substitution by U.S. Bank, the 'F1+' rating for the CP program reflects U.S. Bank's credit profile and ratings. Fitch's short-term Issuer Default Rating for U.S. Bank was last affirmed at 'F1+' on Oct. 30, 2012.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Corporate Rating Methodology: Including Short-Term Ratings and Parent and Subsidiary Linkage', Aug. 5, 2013
--'U.S. Municipal Structured Finance Rating Criteria' (Feb. 27, 2013);
--'2013 Median Ratios for Nonprofit Hospitals and Healthcare Systems' (Aug. 13, 2013);
--'Sector Briefing: Nonprofit Acute Care Hospitals and Health Systems' (Aug. 1, 2013);
--'U.S. Healthcare Stats Quarterly: First-Quarter 2013' (June 25, 2013);
--'Hospitals Credit Diagnosis - First Quarter 2013' (June 27, 2013);
--'The Journey to Value Based Reimbursement' (May 14, 2013);
--'The Affordable Care Act and Healthcare Providers: Assessing the Potential Impact' (May 1, 2013).
Applicable Criteria and Related Research:
Corporate Rating Methodology: Including Short-Term Ratings and Parent and Subsidiary Linkage
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715139
U.S. Municipal Structured Finance Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701570
2013 Median Ratios for Nonprofit Hospitals and Healthcare Systems
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715441
Sector Briefing: Nonprofit Acute Care Hospitals and Health Systems
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715385
U.S. Healthcare Stats Quarterly - First-Quarter 2013
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=710713
Hospitals Credit Diagnosis (Implications of the ACA Slowly Taking Shape)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=704315
The Journey to Value Based Reimbursement
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707336
The Affordable Care Act and Healthcare Providers (Assessing the Potential Impact)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=706654
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=801630
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.