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California Statewide Communities Development Authority Daughters of Charity Health System; System Dec 11
Standard & Poors, Dec 2011
Abstract
Standard & Poor's Ratings Services affirmed its 'BBB' rating on California Statewide Communities Development Authority's $453 million of series 2005A, 2005F, 2005G, 2005H, and 2008A fixed-rate bonds, issued for the Daughters of Charity Health System (DCHS). The outlook is negative. DCHS is a mission-driven system serving portions of California that have been greatly affected by the recent economic downturn. As a result, volumes and patient revenue, absent the California provider tax receipts, have declined since 2009. Management has taken steps, including initiating a consulting engagement to enhance revenue and cut expenses by $80 million a year, and shifting to an operating model from a holding company. Furthermore, the rating has some cushion at this time as it seems increasingly likely...
Companies mentioned in this report are: Daughters of Charity Hlth Sys,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
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