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California Statewide Communities Development Authority Children?s Hospital Los Angeles; Hospital Jun 09
Standard & Poors, June 2009
Abstract
Standard & Poor's Ratings Services revised its outlook on the 'BBB+' long-term rating and underlying rating (SPUR) on California Statewide Communities Development Authority's series 2007 fixed-rate private placement revenue bonds, series 2004A and 2004B auction-rate bonds, and series 1999 certificates of participation (COPs), all issued for Children?s Hospital Los Angeles (CHLA), to negative from stable. At the same time, Standard & Poor's affirmed its 'BBB+' long-term rating and SPUR on the debt. A gross revenue pledge of CHLA secures the bonds. While the hospital has generated what we consider weak financial operations for several years, this has historically been offset by adequate investment income and strong fundraising, as well as a balance sheet with good unrestricted liquidity. The negative outlook...
Companies mentioned in this report are: Children's Hosp Los Angeles,California Statewide Communities Dev Auth
Action: Outlook Revised
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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