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California Statewide Communities Development Authority American Baptist Homes of the West; Joint Criteria; Long Term Care Mar 11
Standard & Poors, March 2011
Abstract
Standard & Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) to 'BBB' from 'BBB-' on California Statewide Communities Development Authority's series 2010 fixed-rate bonds and 2006 variable-rate demand bonds. The bonds were issued for American Baptist Homes of the West (ABHOW). The outlook is stable. The raised rating reflects our view of ABHOW's improved net excess and debt service coverage coupled with generally stable balance sheet metrics, despite the economic recession, which has challenged management's ability to maintain occupancy levels at ABHOW's communities. Although operations were weaker in fiscal 2010 and leverage metrics are more constrained following the issuance of additional debt last year, we believe that management has been responsive to the changing business conditions --...
Companies mentioned in this report are: American Baptist Homes of the West,California Statewide Communities Dev Auth
Action: Upgraded
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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