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.