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Association Of Bay Area Governments Finance Authority For Nonprofit Corporations, California, Acacia Creek Communities; Long Term Care Aug 11
Standard & Poors, Aug 2011
Abstract
Standard & Poor's Ratings Services affirmed its 'AA/A-1' rating on the Association of Bay Area Governments Finance Authority for Nonprofit Corporations, Calif.'s series 2008A variable-rate demand obligations (VRDOs), issued on behalf of Acacia Creek Communities (Acacia Creek at Union City or ACUC), with a guaranty by the Masonic Homes of California (MHC). The outlook is stable. The rating is based on MHC's guaranty of this issue, our view of the strength of MHC's balance sheet, and MHC's business position. More specifically, the rating reflects our view of: The guaranty by MHC, which boasts robust liquidity (in excess of $556 million), and Excellent demand characteristics, supported by significant waitlists and the unique membership and affiliation with the Masonic community, which is...
Companies mentioned in this report are: Acacia Creek Communities,ABAG Fin Auth For Nonprofit Corps,Bank of America N.A.,Morgan Stanley
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.
Research Type: Full Analysis
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