Standard & Poor's Ratings Services affirmed its 'BBB' underlying rating (SPUR) on the California Statewide Communities Development Authority's $34.85 million series 1999 bonds, issued on behalf of Eskaton Subsidiaries (Eskaton). For the purposes of our analysis, we used the consolidated financial results of Eskaton and its subsidiaries. Eskaton, a large provider of services to older adults throughout Northern California, benefits from its considerable revenue and geographic diversity. The 'BBB' rating reflects our view of Eskaton's history of sound operating performance and our opinion that Eskaton's liquidity growth and good cash flow have historically offset its significant debt load. Operating performance has improved in fiscal 2009 to date after a much softer fiscal 2008, which was attributed to increased interest expense...
Companies mentioned in this report are:
- Eskaton and Subsidiaries
- California Statewide Communities Dev Auth
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