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California Statewide Communities Development Authority/Eskaton Properties Inc.'s Certs Rtd BBB Jul 99
Standard & Poors, July 1999
Abstract
NEW YORK (Standard & Poor's CreditWire) July 14, 1999--Standard & Poor's today assigned its triple-'B' rating to California Statewide Communities Development Authority's $12.45 million tax-exempt convertible certificates of participation series 1999 and $55 million taxable convertible certificates of participation series 1999, issued for Eskaton Properties Inc. The bonds are scheduled to sell July 23, 1999. The rating reflects: -- Revenue diversity from seven facilities and programs providing independent living, skilled nursing, congregate care, continuing care retirement community (CCRC), and adult day health care for the elderly; -- The success of Eskaton Village, a CCRC now enjoying 98% occupancy and profitable operations; -- A strong management team, with significant strategic planning efforts and experience; and -- Adequate coverage of pro forma...
Companies mentioned in this report are: California Statewide Communities Dev Auth
Action: New Rating
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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