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Summary: ABAG Finance Authority For Nonprofit Corp., California Episcopal Senior Communities; Joint Criteria; Long Term Care Nov 08

  • ID: 1931830
  • November 2008
  • Region: California
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services revised its rating outlook to stable from positive and affirmed its 'BBB+' rating on ABAG Finance Authority for Nonprofit Corp., Calif.'s $76.7 million series 1998 bonds, issued for Episcopal Senior Communities (ESC; formerly, Episcopal Homes Foundation; EHF). Also, Standard & Poor's affirmed its 'AAA/A-1+' dual rating and 'BBB+' underlying rating (SPUR) on the authority's $25.9 million series 2000 bonds. The dual rating is based on the low-correlation joint criteria reflecting a Wells Fargo Bank letter of credit (LOC) in effect for the issue and also the credit of ESC. The outlook revision to stable and 'BBB+' SPUR affirmation reflects softer systemwide occupancy although demand remains reasonably firm, several aging facilities that face increased competition, strong...

Companies mentioned in this report are:
- Episcopal Senior Communities
- ABAG Fin Auth For Nonprofit Corps

Action: Affirmed
Action: Outlook: Stable

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- Episcopal Senior Communities
- ABAG Fin Auth For Nonprofit Corps

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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