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Summary: California Statewide Communities Development Authority's Series 2005B Bonds Rating Raised To 'AAA/A-1+'; Off Watch Positive; Joint Criteria Mar 10

  • ID: 2044783
  • March 2010
  • Region: California
  • Standard & Poors
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Abstract
Standard & Poor's Ratings Services raised its rating on California Statewide Communities Development Authority's variable-rate revenue bonds (Redlands Community Hospital) series 2005B to 'AAA/A-1+' from 'AA-/A-1+', and removed the rating from CreditWatch with positive implications, based on the application of Standard & Poor's joint criteria (assuming low correlation) on a letter of credit (LOC) from JPMorgan Chase Bank, NA (AA-/A-1+) and the obligor, Redlands Community Hospital (BBB/Stable). Previously, obligors had the option of requesting a Standard & Poor's underlying rating (SPUR) when a bond rating was based on a LOC; however, SPURs are only applied when the bonds are eligible for joint support criteria, and, in such cases, joint support ratings will now be applied (see, "S&P Addresses Application Of...

Companies mentioned in this report are:
- Redlands Comnty Hosp
- California Statewide Communities Dev Auth

Action: Affirmed
Action: Removed From CreditWatch

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- Redlands Comnty Hosp
- California Statewide Communities Dev Auth

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