California Statewide Communities Development Authority Front Porch Communities and Services; Long Term Care Sep 10

Standard & Poors, September 2010

Abstract
Standard & Poor's Ratings Services has affirmed its 'BBB' long-term rating on the series 1999 and series 2007A revenue bonds issued by the California Statewide Communities Development Authority for Front Porch Communities and Services (Front Porch or FPCS). The outlook is stable. The rating reflects our view of Front Porch's continued positive operating trend, coupled with the organization's good revenue and product diversity from its broad range of 13 retirement communities. We find the positive operating results over the past three fiscal years encouraging given the difficult economic conditions and slowdown in the housing sector, especially in California. Furthermore, Front Porch maintains, in our view, an adequate liquidity position, with improvement in cash levels at fiscal year-end June 30, 2010,...

Companies mentioned in this report are:
- California Statewide Communities Dev Auth
- Front Porch Communities and Services

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: Full Analysis

- California Statewide Communities Dev Auth
- Front Porch Communities and Services

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