Moody's
On Oct 17, 2008 Moody's Investors Service affirmed the A2 rating on Catholic Healthcare West's (CHW) outstanding bonds, affecting approximately $3.5 billion of tax-exempt debt. The outlook remains positive.

Standard & Poor's
On October 27, 2008 Standard & Poor's Ratings Services affirmed its 'A' long-term ratings and 'A' underlying ratings (SPUR) on Catholic Healthcare West's (CHW) approximately $3.5 billion (various series and various issuers) outstanding tax-exempt bonds. The rating outlook remains positive.

The 'A' long-term rating reflects CHW's strength as one of the nation's largest not-for-profit hospital systems, with a record of continued operating improvements and strong cash flow during the past several years. CHW has continued to build liquidity, even with significant reinvestment into existing and new facility expansion projects.  With several large capital projects completed over the past few years, and management's commitment to the redesign and moderation of its capital planning and allocation process, bringing it more in line with system financial and strategic goals, CHW should be well positioned for additional revenue growth, continued profitability, and improvement to key balance sheet metrics.

Fitch
On April 9, 2008, Fitch Ratings has affirmed Catholic Healthcare West (CHW) at 'A+'.  The Rating Outlook remains Positive.