Standard&Poor's Ratings Services assigned its 'A+/A-1' rating to California Health Facilities Finance Authority's variable-rate health facilities revenue bonds series 2011B and 2011C, both issued on behalf of Catholic Healthcare West. The 'A+' long-term component of the rating is based on the irrevocable direct-pay letter of credit (LOC) provided by Bank of Montreal (A+/A-1), and reflects our opinion of the likelihood that bondholders will receive interest and principal payments when due if they don't exercise the put option. The 'A-1' short-term component of the rating is based on the short-term issuer credit rating on Bank of Montreal (A-1), and reflects our opinion of the likelihood that bondholders will receive interest and principal payments if they exercise the put option.
