California Statewide Communities Development Authority, Orthopaedic Hospital And Los Angeles Orthopaedic Foundation; Hospital Mar 10
Standard & Poors, March 2010
Abstract
Standard & Poor's Ratings Services affirmed its 'BBB+' underlying rating (SPUR) on California Statewide Communities Development Authority's series 2000 certificates of participation (COPs), issued for the Orthopaedic Hospital (OH) and Los Angeles Orthopaedic Hospital Foundation (LAOHF). The outlook is stable. Given the charitable nature of its business model, OH's operating income is consistently negative. However, support provided by the obligated LAOHF, and significant non-operating incomes have historically offset OH's operating losses. While the credit remains a balance sheet rating, we recognize that management is working to preserve the strength of the balance sheet by restricting its spending rate. More specifically, the 'BBB+' rating reflects our opinion of OH's: Strong liquidity, as evidenced by more than 1,551 days' cash on hand,...
Companies mentioned in this report are:
- California Statewide Communities Dev Auth
Action: Affirmed
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
- California Statewide Communities Dev Auth
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