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CA Statewide Communities Development Authority's Rating for Front Porch Debt Lowered to 'BBB-' Jun 03
Standard & Poors, June 2003
Abstract
SAN FRANCISCO (Standard & Poor's) June 12, 2003--Standard & Poor's Ratings Services said today that it lowered its rating to 'BBB-' from 'BBB' on $203.5 million of California Statewide Communities Development Authority's bonds issued for Front Porch due to the organization's substantial non-operating losses and stabilization of financial performance at a lower-than-expected level. The outlook on the rating is stable. 'While Front Porch has made good strides in addressing operating performance issues since its large net loss in fiscal 2001, net losses due to investments reduced its debt coverage to around 1.1 times,' said Lisa Zuckerman, credit analyst. She added, 'Front Porch will need to focus on sustained financial recovery in conjunction with a strengthened balance sheet over the next...
Companies mentioned in this report are: California Statewide Communities Dev Auth
Action: Downgraded
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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