Fitch Downgrades Trinity Health $162MM Series 2000E Bonds to 'AAA/F1' from 'AAA/F1+'

Business Wire, Jan 15, 2008

NEW YORK -- Fitch Ratings will downgrade Michigan State Hospital Finance Authority's $162,315,000 variable rate refunding and revenue bonds, (Trinity Health Credit Group) series 2000E to 'AAA/F1' from 'AAA/F1 ', effective Jan. 18, 2008. The bonds were originally rated based on a municipal bond insurance policy provided by Ambac Assurance Corporation, rated 'AAA', Rating Watch Negative (the Policy) with respect to the long-term rating, and a standby bond purchase agreement (SBPA) provided by JPMorgan Chase Bank, N.A., with respect to the short-term rating on the bonds.

On Jan. 18, 2008, the JPMorgan Chase Bank SBPA will be replaced with an SBPA provided by Comerica Bank (the Comerica SBPA). The 'AAA' rating continues to be based on the Policy; and effective Jan. 18, 2008, the short-term rating will be downgraded to 'F1' from 'F1 ' based on the Comerica SBPA. The short-term rating will expire on the earlier of: Jan. 17, 2009, unless such date is extended; or any earlier termination of the Comerica SBPA. The bonds will be subject to a mandatory tender on Jan. 17, 2008. The remarketing agent is Goldman, Sachs & Co.

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