Standard & Poor's Ratings Services raised its underlying rating (SPUR) to 'AA-' from 'A+' on MultiCare Health System, Wash.'s outstanding debt, issued by Washington Health Care Facilities Authority.

At the same time, Standard & Poor's affirmed its 'AAA/A-1+' rating on MultiCare's outstanding debt. The outlook on all ratings is stable.

The raised rating reflects our opinion of MultiCare's strong financial profile, including its sizeable revenue base, said Standard & Poor's credit analyst Geraldine Poon. Further supporting the rating is our view of the system's solid operating results, good cash flow, and some balance sheet improvement Ms. Poon added.

-USPF Criteria: Not-For-Profit Health Care, June 14, 2007
-USPF Criteria: Debt Derivative Profile Scores, March 27, 2006
-USPF Criteria: Municipal Applications For Joint Support Criteria, June 25, 2007

Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at All ratings affected by this rating action can be found on Standard & Poor's public Web site at Use the Ratings search box located in the left column.

Primary Credit Analyst: Geraldine Poon, San Francisco (1) 415-371-5078;

Secondary Contact: Brian T Williamson, Chicago (1) 312-233-7009;
(New York Ratings team)