November 11, 2008

Fitch Upgrades SynergyHealth, Inc. (Wisconsin) Bonds to ‘AA-‘

Fitch Ratings has upgraded to 'AA-' from 'BBB-' the ratings on SynergyHealth, Inc.'s (Synergy) approximately $70.1 million of bonds issued through the Wisconsin Health and Educational Facilities Authority. The ratings were on Rating Watch Positive following Synergy's signing of an affiliation agreement with Froedtert & Community Health, Inc. (F&CH, rated 'AA-' by Fitch).

The rating upgrade reflects the affiliation of Synergy with F&CH and the exchange of outstanding master notes of Synergy and its affiliates for obligations under the master indenture of F&CH. Effective Sept. 1, 2008, the former affiliated members of Synergy (St. Joseph's, the West Bend Clinic, and St. Joseph's Foundation) were added as members of the F&CH obligated group.

Please see Fitch's press release dated Nov. 11, 2008 for further information F&CH at

Froedtert & Community Health is an integrated health system that includes Froedtert Memorial Lutheran Hospital, a 451 staffed-bed tertiary and quaternary academic medical center located in Wauwatosa, WI, (approximately seven miles west of Milwaukee); Community Memorial Hospital, a 214 staffed-bed community hospital located in Menomonee Falls, WI (approximately 20 miles northwest of Milwaukee) and St. Joseph Hospital, an 80-staffed bed community hospital located in West Bend, WI (approximately 35 northwest of Milwaukee).

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.