Moody's
On April 10, 2008, Moody's Investors Service affirmed its 'A2' rating on CHW's approximately $3.6 billion in bonds including the 2008 Series bonds expected to be issued in May 2008.  Moody's Investors Service left unchanged CHW's outlook of Positive.  Reasons cited for the affirmed ratings were

1. Multiple-year trend of improving operations,
2. Multiple-year trend of same-facility revenue growth, and
3. Significant growth in unrestricted cash.

Standard & Poor's
On April 14, 2008, Standard & Poor's affirmed its 'A' rating on CHW's approximately $3.6 billion in outstanding bonds.  Standard & Poor's affirmed CHW's outlook as Positive.  Reasons cited for the affirmed ratings were

1. Strong operating performance,
2. Liquidity improvement,
3. Strong management practices,
4. Significant risk dispersion, and
5. Strategy of investing in growth markets.

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