January 2005

Catholic Health Initiatives Maintains Excellent Bond Ratings

Three rating agencies have reaffirmed Catholic Health Initiatives' credit rating of "AA," the highest rating category for bonds that are not insured. "Catholic Health Initiatives' continued financial strength maintains this high rating
and keeps the cost of capital as low as possible for our system," said Colleen Blye, senior vice president of finance and treasury for Catholic Health Initiatives.

Standard & Poor's, Moody's Investors Service and Fitch Ratings gave Catholic Health Initiatives' bonds a "AA/Aa2/AA" rating. In announcing the ratings, the agencies cited Catholic Health Initiatives' strong financial performance for fiscal year 2004; solid levels of liquidity; and excellent market diversity.