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California Municipal Finance Authority, Community Medical Centers; System Dec 11
Standard & Poors, Dec 2011
Abstract
Standard & Poor's Ratings Services raised its long-term rating to 'BBB' from 'BBB-' on California Municipal Finance Authority (CMFA), Calif.'s hospital revenue bonds, issued on behalf of Community Medical Centers (CMC). The outlook is stable. CMC is a fairly large organization with a strong business position in Fresno, Calif. Although there has been some variability in operating results, the receipt of California Provider Fee funds has bolstered both the income statement and the balance sheet. The latter has historically been considered risky, so the improved liquidity strengthens our view of the credit. The rating is supported by our opinion of CMC's: Improved balance sheet metrics due to significant provider fee funds; Sizeable revenue base and solid financial results; Strong business...
Companies mentioned in this report are: Community Med Centers,California Municipal Finance Authority
Action: Upgraded
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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