Kershaw County Medical Center, SC's Bonds Rated 'BBB' On Continued Positive

DALLAS, TX --Standard & Poor's Rating Services assigned its 'BBB' standard long-term rating to Kershaw County, S.C.'s $18.78 million series 2008 hospital revenue bonds issued for Kershaw County Medical Center (KCMC). The outlook is stable.

The 'BBB' rating reflects KCMC's good business position as defined by a 52% market share in Kershaw County, KCMC's primary service area, and 14% share of its three county secondary market; solid fiscal 2007 operating and excess margins of 4.3% and 6.6% respectively, which compared favorably with operating and excess losses in fiscal 2006; good interim operating performance, and 3.1x pro forma maximum annual debt service (MADS) coverage through the first seven months of fiscal 2008 ended April 30; and modest leverage characterized by pro forma debt to total capitalization equal to 29%.

Media Contact: Christopher Mortell , New York, (1) 212-438-3446 christopher_mortell@standardandpoors.com
Analyst Contacts: Karl Propst, Dallas (1) 214-871-1427; Kenneth W Rodgers, New York (1) 212-438-2087