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Lee County Industrial Development Authority, Florida Shell Point Village; Joint Criteria; Long Term Care Feb 11 Product Image

Lee County Industrial Development Authority, Florida Shell Point Village; Joint Criteria; Long Term Care Feb 11

  • Published: February 2011
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services revised its outlook to stable from negative and affirmed its 'BB' long-term and underlying (SPUR) ratings on Lee County Industrial Development Authority, Fla.'s various healthcare facilities bonds, issued for Shell Point Village (SPV), a life-care-based continuing-care retirement community (CCRC) in Fort Myers, Fla. The revised outlook reflects our assessment of SPV's improved operations in fiscal 2010 (year-end June 30), coupled with sustained improvement through the first six months in fiscal 2011 and improved occupancy. However, SPV's liquidity remains a concern as the balance sheet is limited, with only 14% cash-to-long-term debt and 137 days' cash on hand for the six months ended Dec. 30, 2010, which is down from 214 days' in fiscal 2008. Standard...

Companies mentioned in this report are: Shell Point,Lee Cnty Indl Dev Auth
Action: Outlook Revised

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Shell Point,Lee Cnty Indl Dev Auth

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