Standard & Poor's today assigned its single-'A'-plus rating to California Statewide Communities Development Authority's $34.45 million insured hospital revenue bonds, issued for Mission Community Hospital (MCH). The bonds are scheduled to sell Nov. 29, 2001. The outlook is negative. The rating is based on insurance from the State of California's Health Facilities Construction Loan Insurance Program (Cal-Mortgage). According to the Cal-Mortgage program, the bonds are guaranteed by the program's own Health Facilities Construction Loan Insurance Fund (HFCLIF), which is funded by up-front fees from new issuers, interest income on the fund, and the one-time insurance premium charged to borrowers. However, the ultimate backing for the program is the full faith and credit of the state of California. In the event...
Companies mentioned in this report are:
- California Statewide Communities Dev Auth
Action: New Rating
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Research type: News
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