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be.group, California; Long Term Care Jan 12
Standard & Poors, Jan 2012
Abstract
Standard & Poor's Ratings Services has lowered its long-term rating to 'BBB-' from 'BBB' on California Statewide Communities Development Authority's series 2009 and 2006 revenue bonds and Association of Bay Area Governments' series 2002 revenue bonds, issued for be.group. The outlook remains negative. The lower rating and continued negative outlook reflects our opinion of be.group's weaker-than-expected operations in fiscal 2011, growing and consistently negative operating income, and a further weakening of an already stressed balance sheet highlighted by weak liquidity and leverage metrics for the current rating. While management has articulated a plan to turn operations around through cost reductions and increased marketing efforts and has made some difficult decisions concerning staffing, it has indicated that more time is needed...
Companies mentioned in this report are: be.group,California Statewide Communities Dev Auth,Association of Bay Area Govts
Action: Downgraded
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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