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California Statewide Communities Development Authority Citrus Valley Health Partners; Revenue - Health Care, Hospital Aug 99
Standard & Poors, Aug 1999
Abstract
The Standard & Poor's underlying rating (SPUR) on California Statewide Communities Development Authority's certificates, issued for Citrus Valley Health Partners (CVHP), reflects: An unplanned $13 million contractual allowance adjustment, which led to a 5% reduction in revenues and a $10.5 million loss in 1998; Deteriorating financial performance characterized by a negative excess margin of 4.6% and poor debt service coverage of 1 times (x); and Poor interim performance with continued generation of net losses budgeted for 1999. Factors that continue to support the rating at the 'BBB+' level include the system's: Leading market position in the growing service area of East San Gabriel Valley (877,200 population); Favorable physician relationships with relatively stable utilization; and Solid balance sheet with ample liquidity...
Companies mentioned in this report are: California Statewide Communities Dev Auth
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
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