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ABAG Finance Authority for Nonprofit Corp., California Episcopal Homes Foundation; Revenue - Health Care, Long Term/Continuous Care/Retirment Centers Oct 98
Standard & Poors, Oct 1998
Abstract
The rating on ABAG Financial Authority For Nonprofit Corp.'s bonds, issued on behalf of Episcopal Homes Foundation (EHF), a continuing care retirement community (CCRC) system, is based on: EHF's solid market position, with five life care facilities in the San Francisco Bay Area, including a new luxury facility; A history of profitable operations; and Strong and improving liquidity. These factors are mitigated by weaker historical demand and marketing challenges at several of the foundation's older facilities, reliance on one facility for the majority of its bottom line to date, and a high debt burden. Episcopal Homes Foundation owns and operates five life care CCRCs in northern California, including its newest facility (San Francisco Towers), which opened in November 1997. Demand...
Companies mentioned in this report are: Episcopal Senior Communities
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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