California Statewide Communities Development Authority Eskaton And Subsidiaries; Long Term Care Aug 11

Standard & Poors, August 2011

Abstract
Standard & Poor's Ratings Services has assigned its 'BBB' long-term rating to California Statewide Communities Development Authority's $38.65 million series 2011 revenue bonds, issued on behalf of Eskaton and Subsidiaries. We understand Eskaton will use series 2011 bond proceeds to refund its series 1999 bonds, with release of the debt service reserve fund and also $5 million in new money. At the same time, Standard & Poor's has affirmed its 'BBB' underlying rating (SPUR) on the authority's series 1999 bonds, also issued on behalf of Eskaton. The outlook is stable. The rating reflects our assessment of Eskaton's: Considerable revenue and geographic diversity throughout northern California; Good operating performance; and Solid liquidity in terms of days' cash on hand, though in...

Companies mentioned in this report are:
- Eskaton and Subsidiaries
- California Statewide Communities Dev Auth

Action: New Rating

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

- Eskaton and Subsidiaries
- California Statewide Communities Dev Auth

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