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California Statewide Communities Development Authority Front Porch Communities & Services; Long Term Care Oct 11
Standard & Poors, Oct 2011
Abstract
Standard & Poor's Ratings Services has affirmed its 'BBB' long-term rating on the series 1999 and 2007A revenue bonds issued by California Statewide Communities Development Authority for Front Porch Communities & Services (Front Porch or FPCS). The outlook is stable. The rating reflects our view of Front Porch's continued positive operating trend, albeit at reduced levels, coupled with the organization's good revenue and product diversity from its broad range of 13 retirement communities. While operating profitability levels have been declining over the past several years, we find the continued positive operating results encouraging given the difficult economic conditions and slowdown in the housing sector, especially in California. Furthermore, Front Porch maintains, in our view, a strong operational liquidity position while...
Companies mentioned in this report are: Front Porch Communities and Services,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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