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California Statewide Communities Development Authority Citrus Valley Health Partners; Hospital Jun 10 Product Image

California Statewide Communities Development Authority Citrus Valley Health Partners; Hospital Jun 10

  • ID: 2044877
  • June 2010
  • Region: California
  • Standard & Poors

FEATURED COMPANIES

  • Citrus Vy Hlth Partners
  • MORE

Abstract
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

Action: Affirmed

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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- Citrus Vy Hlth Partners
- California Statewide Communities Dev Auth

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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