Fitch Rates Dean's $100 Million CP Program 'F1+'

Business Wire, August 28, 2008

CHICAGO -- Fitch Ratings has assigned an 'F1 ' rating to Dean Health Systems Inc.'s (Dean) $100 million commercial paper (CP) program. The CP is issued by Dean and the program terminates on Dec. 16, 2012. The program is supported by a direct pay, irrevocable letter of credit facility provided by U.S. Bank, N.A. (U.S. Bank). The letter of credit is irrevocable and represents an obligation which U.S. Bank must honor, regardless of Dean's credit profile, including the occurrence of any default. Since this letter of credit facility provides full credit substitution by U.S. Bank, the 'F1 ' rating for the CP program reflects U.S. Bank's credit profile. Currently, Fitch rates U.S. Bank's Short Term Issuer Default Rating (IDR) 'F1 ' and long-term IDR 'AA-' with a Positive Outlook.

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