California Municipal Finance Authority, Community Medical Centers; System Oct 10
- ID: 1952072
- October 2010
- Region: California
- Standard & Poors
Standard & Poor's Ratings Services affirmed its 'BBB-' long-term rating to California Municipal Finance Authority (CMFA), Calif.'s hospital revenue bonds, issued on behalf of Community Medical Centers (CMC). The outlook is stable. In our view, CMC has a history of erratic operating performance, with persistent operating losses in fiscals 2004-2006. Operations were break-even in fiscal 2007, which we believe was largely due to a change in management, and financial performance gained ground in fiscals 2008 and 2009. For the fiscal year ended Aug. 31, 2009, CMC's financial performance was very strong in our view, with a 5.5% operating margin. However, unaudited fiscal 2010 results have failed to meet expectations, which we believe is largely due to the struggling economy. More...
Companies mentioned in this report are:
- Community Med Centers
- California Municipal Finance Authority
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