Summary: California Statewide Communities Development Authority Front Porch Communities And Services; Long Term Care Dec 08

Standard & Poors, December 2008

Abstract
Standard & Poor's Ratings Services affirmed its 'BBB' standard 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, formerly the Internext Group). The outlook is stable. The rating reflects Front Porch's sustained operating improvement over the past five fiscal years, as well as the organization's good revenue and product diversity from its broad range of 13 retirement communities. Furthermore, Front Porch maintains a favorable liquidity position, despite some declines in unrestricted cash at the six-month-interim period ended September 2008, mainly due to unrealized losses from the investment markets. More specifically, credit strengths include: Strong operating results in fiscal 2008, with continued positive,...

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

Action: Affirmed
Action: Outlook: Stable

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

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

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