Standard & Poor's Ratings Services assigned its 'A-' long-term rating to the California Municipal Finance Authority's insured refunding revenue bonds (series 2011 $5.3 million), issued on behalf of United Health Centers of the San Joaquin Valley. The outlook is negative. The long-term rating is based on our assessment of insurance from the state of California's Health Facilities Construction Loan Insurance Program (Cal-Mortgage). Under the Cal-Mortgage program, the bonds are guaranteed by the program's health facilities construction loan insurance fund (HFCLIF), which is funded by upfront fees from new issuers, interest income on the fund, and the one-time insurance premium charged to borrowers. The ultimate backing for the program, however, is the full faith and credit of the state of California....
Companies mentioned in this report are:
- United Health Centers of the San Joaquin Vy
- California Municipal Finance Authority
Action: New Rating
Action: Outlook: Stable
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