NEW YORK (Standard&Poor's CreditWire) May 21, 1999--Standard&Poor's today lowered its rating on California Health Facilities Financing Authority's $100.31 million revenue bonds series 1991, issued for the Hospital of the Good Samaritan to triple-'B' from triple-'B'-plus. The rating is lowered due to: -- Growing operating losses in 1999, resulting in poor debt service coverage; and -- Lack of management stability. Credit strengths supporting the rating include: -- Strong liquidity, with $93 million in unrestricted funds in 1998, equal to 196 days' cash and 95% of debt, in addition to a non-obligated $56 million endowment; -- Growing business volumes; -- Recent management efforts including improved managed care contracting, cost cutting, and implementation of a strategic plan focused on
