Standard & Poor's Ratings Services affirmed its 'BB+' underlying rating (SPUR) on California Statewide Communities Development Authority's $77.6 million certificates of participation (COPs), issued for Citrus Valley Health Partners (CVHP). The outlook remains negative. The negative outlook is based on our assessment of CVHP's: Aging facilities, with a high average age of plant equal to 17.3 years, implying future need for capital investment to keep pace with competition; and Strained liquidity, with only 68 days' cash on hand at Dec. 31, 2009 (audited). We also believe that CVHP will likely become seismically incompliant in 2013 -- we understand the organization does not plan to address its substantial seismic retrofitting needs by the state's current 2013 deadline. However, it is unclear...
Companies mentioned in this report are:
- Citrus Vy Hlth Partners
- California Statewide Communities Dev Auth
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