Cal-Mortgage Insurance Program's 'BBB' Rating Placed on CreditWatch Positive Mar 04

Standard & Poors, March 2004

Abstract
SAN FRANCISCO (Standard & Poor's) March 3, 2004--Standard & Poor's Ratings Services placed its 'BBB' rating on the California Health Facilities Financing Authority's (Cal-Mortgage) outstanding debt on CreditWatch with positive implications based on the placement of California's general obligation rating on CreditWatch with positive implications. The action on the state's debt rating was taken following Tuesday's approval by the electorate of a $15 billion general obligation bond to fund previous and current general fund operating deficits. The Cal-Mortgage program, since its inception in 1968, has helped health care facilities in California gain access to the tax-exempt financing markets at borrowing costs comparable to those of the state. The bonds are guaranteed by the program's Health Facility Construction Loan Insurance Fund...

Companies mentioned in this report are: Asian Hlth Svcs,California Hlth Facs Fin Auth
Action: On CreditWatch:Positive

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Asian Hlth Svcs,California Hlth Facs Fin Auth

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