S & P Report: CCF IS LIABLE FOR LOSSES--Summers/BL Caught In LIE-AGAIN!

[Brian Essi]

The attached report by Standard & Poor's bond rating service demonstrates that CCF's "contract with Lakewood requires CCF to fund any cash shortfall should one
occur: Lakewood's cash to debt must always equal to at least a 1:1 ratio as of the end of its fiscal year."


CCF is liable for losses--under a contract with Lakewood.

Summers, Team Summers and BLers have all made repeated false claims that CCF is not contractually liable for losses that are incurred and that CCF has no contract with Lakewood.

They are wrong--AGAIN!

They have been caught misleading the public--AGAIN!

Who do you believe has more expertise at assessing CCF's financial and legal liability to Lakewood? The prestigious national bond rater S&P and their lawyers? or the self-serving Summers BLers and attorneys like Jay Carson?

From page 9 of the attached Standard & Poor's Report:

"Lakewood Hospital
The affirmed 'A+' long-term rating and revised positive outlook on Lakewood Hospital Association's series 2003 bonds
($10.6 million outstanding as of Dec. 31, 2012, with a final maturity of 2015) reflects our view of its operational
integration into CCHS' management structure, even though it remains outside of the obligated group because it is a
government-owned facility tied to CCHS through a long-term lease. While Lakewood had incurred losses in recent
years on an operating and excess income basis and did not meet its debt service ratio requirement in 2009 and 2010, it
did improve its financial performance in 2011, generating a modest operating loss and a positive bottom line, resulting
in its meeting its debt service ratio requirement with MADS coverage of 1.3x.

Lakewood's 2012 audit is expected to be released later this month. Aside from the comfort CCF derives from the short
remaining maturity on the rated bonds, a contract with Lakewood requires CCF to fund any cash shortfall should one
occur: Lakewood's cash to debt must always equal to at least a 1:1 ratio as of the end of its fiscal year. Should losses
continue or liquidity decline such that either impedes timely payment of remaining debt service, we could lower the
rating. CCHS is actively working with Lakewood to reposition its services in light of demographic and economic
changes occurring in its market.

We consider Lakewood's overall financial profile adequate for the rating because it maintains ample liquidity to
support its debt obligations with $47.0 million of unrestricted cash and investments on hand at Sept. 30, 2012 (fiscal
year-end Dec. 31, 2012) compared with long-term debt of $19.5 million, cash to debt of 241.5%, and 13.8% debt
leverage."

Standard & Poors Proves Summers Wrong.pdf

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[Michael Deneen]

We know that Mr. Kenny is on the Deck today, so perhaps he can clarify BL's statements.

[Brian Essi]

Mike,

Kenny, Carson, Manno, Heckler and other BLers have lost the debate on the facts.

They view the truth as a "threat" to their house of cards.

All they are doing now is name calling and denying personal responsibility for their falsehoods.

[Lori Allen _]

I am still waiting for Build Lakewood to explain and show actual documentation about how tax payers will have an increase in their taxes should Lakewood Hospital stays open. Perhaps instead of picking on Brian Essi, they should come on the deck with their documentation. Brian has shown documentation many times that support his comments.

[Brian Essi]

Worth a bump.

[Mark Kindt]

Agree. Worth a bump!