Summary: ABAG Fin Auth For Nonprofit Corp, CA Jul 98
- ID: 1931632
- July 1998
- Standard & Poors
Salomon Smith Barney The rating assigned on ABAG Finance Authority for Nonprofit Corp., Calif.'s bonds, issued for Episcopal Homes Foundation (EHF), a continuing-care retirement community (CCRC) system in California, is based on solid market position with five life-care facilities?including a new luxury facility, a history of profitable operations, and strong and improving liquidity. Currently, EHF does not have a future service obligation pursuant to its life-care contracts. These factors are mitigated by a weaker historical demand and marketing challenges at several of their older facilities, reliance on one facility for the majority of their bottom line to date, and a high debt burden. The series 1998 bonds will refund all of EHF's outstanding debt. Episcopal Homes Foundation owns and operates...
Companies mentioned in this report are:
- ABAG Fin Auth For Nonprofit Corps
Action: New Rating
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