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Association Of Bay Area Governments Finance Authority For Nonprofit Corps. Episcopal Senior Communities; Joint Criteria; Long Term Care Sep 11
Standard & Poors, Sep 2011
Abstract
Standard & Poor's Ratings Services has assigned its 'BBB+' long-term rating to Association of Bay Area Governments Finance Authority for Nonprofit Corps. (ABAG), Calif.'s $61.765 million series 2011 revenue and refunding bonds and affirmed its 'BBB+' rating on ABAG's $54.4 million series 1998 bonds, issued for Episcopal Senior Communities (ESC; formerly, Episcopal Homes Foundation). The outlook is negative. Standard & Poor's also affirmed its 'AAA/A-1+' dual rating and 'BBB+' underlying rating (SPUR) on ABAG's $22.5 million series 2000 bonds. We based the dual rating on our joint criteria (assuming low correlation), reflecting the security of both Wells Fargo Bank (AA/Negative/A-1+) through its letter of credit (LOC) in effect for the issue, which expires Feb. 16, 2013, and ESC's credit support...
Companies mentioned in this report are: Episcopal Senior Communities,ABAG Fin Auth For Nonprofit Corps
Action: New Rating
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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