Summary: Cal-Mortgage Insurance Program, California; Cal-Mortgage Loan Insurance Mar 11

Standard & Poors, March 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'A-' long-term and underlying ratings (SPUR) on Cal-Mortgage Insurance Program's debt outstanding. The bonds were issued by California Health Facilities Financing Authority and California Statewide Communities Development Authority, among others. The outlook remains negative. The ratings are based on California's general obligation (GO) debt rating, which Standard & Poor's recently lowered to 'A-'. The rating on the Cal-Mortgage Insurance Program's debt is based solely on the state's rating and does not reflect any underlying changes to the Cal-Mortgage program. The Cal-Mortgage program, since its inception in 1968, has helped health care facilities in California gain access to tax-exempt financing markets at borrowing costs comparable to those of the state. The bonds are guaranteed...

Companies mentioned in this report are:
- Lincoln Glen Manor
- California Hlth Facs Fincg Auth
- California Statewide Communities Dev Auth

Action: Affirmed

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Lincoln Glen Manor
- California Hlth Facs Fincg Auth
- California Statewide Communities Dev Auth

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