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California Infrastructure & Economic Development Bank Salvation Army (A California Corporation); Non-Profit Organizations May 11
Standard & Poors, May 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Standard & Poor's Ratings Services revised the outlook to negative from stable and affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the California Infrastructure & Economic Development Bank's tax-exempt refunding revenue bonds, series 2006, and taxable revenue bonds, series 2006, issued for The Salvation Army (TSA) Western Territory. The outlook revision reflects our view of a substantial decline in TSA's balance sheet, operational deficits on a full-accrual basis, and weakened financial resource ratios. The 'AA-' ratings reflect our view of TSA's: Long-established status as a charity with strong name recognition and donor appeal; Historical overall break-even or better financial results on a budgetary basis (although results were negative on a full-accrual basis in fiscals 2008, 2009, and 2010);...
Companies mentioned in this report are: Salvation Army (A California Corp),California Infrastructure & Econ Dev Bnk
Action: Outlook Revised
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