Eskaton Properties Inc., California; Health Care, Long Term Care May 05

Standard & Poors, May 2005

Abstract
Standard & Poor's Ratings Services revised the outlook to stable from negative and affirmed its 'BBB-' rating and underlying rating (SPUR) on the California Statewide Communities Development Authority's outstanding debt, issued for Eskaton Properties Inc. The outlook revision reflects: An upward trend in operating performance in fiscal 2004, continuing through the first quarter of fiscal 2005; Sound cash flow and adequate coverage of maximum annual debt service (MADS) on both an adjusted and a revenue-only basis; An expected improvement in liquidity associated with the Roseville land sale; and The overall geographic and revenue diversity of the system, and management's shift in growth strategies to a more conservative joint-venture approach. Credit concerns include an overall financial profile that, while improved, remains...

Companies mentioned in this report are:
- Eskaton and Subsidiaries
- 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

- Eskaton and Subsidiaries
- California Statewide Communities Dev Auth

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