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ABAG Finance Authority for Nonprofit Corp., California Episcopal Senior Communities; Joint Criteria; Long Term Care Dec 09
Standard & Poors, Dec 2009
Abstract
Standard & Poor's Ratings Services affirmed its long-term 'BBB+' rating on ABAG Finance Authority for Nonprofit Corp., Calif.'s $71.4 million series 1998 bonds, issued for Episcopal Senior Communities (ESC; formerly, Episcopal Homes Foundation; EHF). In addition, Standard & Poor's also affirmed its 'AAA/A-1+' dual rating and 'BBB+' underlying rating (SPUR) on the authority's $24.9 million series 2000 bonds. We based the dual rating on our low-correlation joint criteria reflecting a Wells Fargo Bank letter of credit (LOC) in effect for the issue and ESC's credit. The rating outlook remains stable. The rating reflects our assessment of some softening of systemwide occupancy in the current year with independent-living occupancy for the first half of 2010 at 88.2% versus a budgeted target...
Companies mentioned in this report are: Episcopal Senior Communities,ABAG Fin Auth For Nonprofit Corps
Action: Affirmed
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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