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CA Statewide Communities Development Authority/Eskaton Properties Inc Rating Lowered to BBB- Sep 00
Standard & Poors, Sep 2000
Abstract
SAN FRANCISCO (Standard & Poor's CreditWire) Sept. 25, 2000-- Standard & Poor's today lowered its underlying rating (SPUR) to triple-'B'-minus from triple-'B' on California Statewide Communities Development Authority's $55.1 million taxable convertible certificates of participation series 1999 and $12.4 million tax-exempt convertible certificates of participation series 1999, issued for Eskaton Properties Inc. (EPI). The outlook is revised to negative from stable. The rating is lowered based on increased leverage as a result of a guarantee provided for a $19.75 million bond issue for a start-up continuing care retirement community (CCRC) located in Grass Valley, Calif., and diminished financial flexibility, primarily due to continued financial distress at EPI's three skilled nursing facilities, resulting in lower debt service coverage. Credit strengths include...
Companies mentioned in this report are: California Statewide Communities Dev Auth,Eskaton and Subsidiaries
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: 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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