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Association Of Bay Area Governments Finance Authority For Nonprofit Corps. Episcopal Senior Communities; Joint Criteria; Long Term Care Sep 11 Product Image

Association Of Bay Area Governments Finance Authority For Nonprofit Corps. Episcopal Senior Communities; Joint Criteria; Long Term Care Sep 11

  • Published: September 2011
  • Standard & Poors

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 READ MORE >

- Episcopal Senior Communities
- ABAG Fin Auth For Nonprofit Corps

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