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California Statewide Communities Development Auth/Internext Group Certificates Rated 'BBB' Feb 99
Standard & Poors, Feb 1999
Abstract
NEW YORK (Standard & Poor's CreditWire) Feb. 18, 1999--Standard & Poor's today assigned its triple-'B' rating to California Statewide Communities Development Authority's $219.1 million certificates of participation series 1999, issued for Internext Group. The bonds are expected to sell March 3, 1999 The rating is based on: -- Strong market position in Southern California with 12 facilities offering a wide range of geographic, pricing, and service options; -- Strong demand at most properties, including several prime facilities in highly desirable locations; and -- Adequate historical financial performance and pro forma combined results. Offsetting factors include a high post-issuance debt level and only adequate coverage, coupled with low liquidity levels. Additional rating factors include integration challenges of this new organization, which...
Companies mentioned in this report are: 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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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