|
|
 |
|
Viewing report
|
|
|
|
Cal-Mortgage Program Rating Downgraded to 'A' Based on California Downgrade Dec 02
Standard & Poors, Dec 2002
Abstract
SAN FRANCISCO (Standard & Poor's) Dec. 20, 2002--Standard & Poor's Ratings Services said today that it lowered its rating to 'A' from 'A+' on debt insured through the Cal-Mortgage Insurance Program based solely on yesterday's downgrade of the State of California's general obligation rating. The outlook is stable. 'The downgrade does not reflect any underlying credit concerns regarding Cal-Mortgage,' said James Cortez, credit analyst. 'All bonds issued under the program are guaranteed by the program's Health Facility Construction Loan Insurance Fund and also have debt service reserves,' he added, 'but the ultimate backing for the loans is the full faith and credit of the state.' The Cal-Mortgage program, which began in 1968, has helped health care facilities in the state...
Action: Downgraded
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.
|
|
|
|
