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California Statewide Communities Development Authority Association of Bay Area Governments Finance Authority for Nonprofit Corporations American Baptist Homes of the West; Joint Criteria; Long Term Care Sep 09
Standard & Poors, Sep 2009
Abstract
Standard & Poor's Ratings Services affirmed its 'BBB-' underlying rating (SPUR) on California Statewide Communities Development Authority's series 2006 variable-rate demand bonds, and its 'BBB-' long-term rating on the Association of Bay Area Governments Finance Authority for Nonprofit Corporations' series 1997A revenue refunding certificates of participation (COPs). Both series were issued for American Baptist Homes of the West (ABHOW). The outlook remains positive. ABHOW is one of the largest not-for-profit senior-living organizations in the western U.S. ABHOW's operations include eight Type B continuing-care retirement communities (CCRCs) that comprise its obligated group and 14 nonobligated affiliates, which, in our view, on a combined basis provide ABHOW with significant revenue and risk diversification. The sole member of ABHOW is Cornerstone Affiliates, common...
Companies mentioned in this report are: American Baptist Homes of the West,California Statewide Communities Dev Auth,ABAG Fin Auth For Nonprofit Corps
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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