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: Outlook: Stable
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