Shell Point, FL Series 2011B Bonds Rated 'BB' On Improved Demand And Financial Operations Dec 11
- ID: 2028968
- December 2011
- Standard & Poors
Standard & Poor's Ratings Services has assigned its 'BB' long-term rating to Lee County Industrial Development Authority, Fla.'s (issuer) $12.07 million series 2011B health facilities refunding revenue bonds, issued for Shell Point (SP), a life-care-based continuing-care retirement community (CCRC) in Fort Myers. Standard & Poor's also affirmed its 'BB' long-term rating, and where applicable underlying rating (SPUR), on the issuer's various series of outstanding bonds also issued on behalf of SP. Standard & Poor's has lowered the long-term rating component to 'AA-/A-1' from 'AA/A-1' on the issuer's series 1999B and 2002 variable-rate demand bonds, issued for SP. Standard & Poor's based the downgrade on the application of its low-correlation joint criteria reflecting the security of these two variable-rate issues by...
Companies mentioned in this report are: Shell Point,Lee Cnty Indl Dev Auth
Action: New Rating
Action: Outlook: Stable
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.