The placement on CreditWatch with negative implications from CreditWatch developing of Standard&Poor's 'A' underlying ratings (SPURs) on California Health Facilities Financing Authority's hospital revenue bonds, issued for Stanford Hospital and Clinics and Lucile Salter Packard Children's Hospital at Stanford (operating together as Stanford Hospital and Clinics), were based on preliminary year-end numbers provided by management. These numbers indicate substantial balance sheet erosion coupled with disappointing operating results. Standard&Poor's will consider a downward rating action when audited financial results are available, most likely by the end of November. Standard&Poor's assigned an 'A' rating to the bonds after the dissolution of University of California San Francisco (UCSF) Stanford Health Care in April 2000. At that time,
