NEW YORK (Standard&Poor's CreditWire) Aug. 24, 1999--Standard&Poor's today lowered it underlying rating on California Health Facilities Financing Authority's $77.12 hospital revenue bonds series 1998A, $33 million hospital revenue bonds series 1998B, $28.99 revenue bonds series 1998A, and $160.9 million revenue bonds series 1998B, issued for UCSF Stanford Health Care, to single-'A'-minus from single-'A'-plus. The bonds are rated triple-`A' based on insurance from Ambac and FSA. UCSF Stanford Health Care's underlying rating remains on CreditWatch with Negative implications. The downgrade reflects: -- Substantial deterioration in financial performance in fiscal 1999; -- Slower-than-anticipated integration of the former UCSF Medical Center and Stanford Health Services; and -- Recent action by the parent universities to reassess the current organizational structure
