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California Municipal Finance Authority, Community Medical Centers; System Oct 10
Standard & Poors, Oct 2010
Abstract
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
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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