TEXT - Fitch affirms Scripps Health, Calif.
Dec 17 - Fitch Ratings has affirmed the 'F1+' rating on the following outstanding variable rate debt issued on behalf of Scripps Health: --$60 million California Health Facilities Financing Authority (CHFFA) variable rate revenue bonds series 2012B; --$40 million CHFFA variable rate revenue bonds series 2012C. The 'F1+' rating is based on Scripps Health's self-liquidity. Scripps Health's long-term rating is 'AA-'. The affirmation of the 'F1+' short-term rating is supported by the adequacy of Scripps Health's highly liquid resources available to fund any un-remarketed puts on the $100 million series 2012B&C weekly VRDB bonds. At Oct. 31, 2012, Scripps Health had cash and cash equivalents available on a same-day basis of $495 million. Based on Fitch's rating criteria related to self-liquidity, Scripps Health's position of eligible cash and investments available for same-day settlement easily exceeds Fitch's 1.25x requirement to cover the maximum tender exposure on any given date. Scripps Health has liquidation procedures in place detailing the process by which internal funds would be liquidated to meet the tender obligations.
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