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ABAG Finance Authority For Nonprofit Corps., California Episcopal Senior Communities; Joint Criteria; Long Term Care Dec 10
Standard & Poors, Dec 2010
Abstract
Standard & Poor's Ratings Services today affirmed its 'BBB+' long-term rating on ABAG Finance Authority for Nonprofit Corp., Calif.'s $65.8 million series 1998 bonds, issued for Episcopal Senior Communities (ESC; formerly, Episcopal Homes Foundation; EHF). At the same time, Standard & Poor's affirmed its 'AAA/A-1+' dual rating and 'BBB+' underlying rating (SPUR) on the authority's $23.7 million series 2000 bonds. The dual rating is based on our joint criteria (assuming low correlation), reflecting a Wells Fargo Bank letter of credit (LOC; 'AA/A-1+/Negative') in effect for the issue and ESC's 'BBB+' rating. The outlook remains stable. The 'BBB+' long-term rating reflects our opinion of continued somewhat soft 86.8% and 87.4% systemwide occupancy at fiscal year-end March 31, 2010, and for the...
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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