Summary: Los Angeles Jewish Home for the Aging, CA; Health Care, California Insured Hospital Dec 03

Standard & Poors, December 2003

Abstract
The 'BBB' rating on California Statewide Communities Development Authority's $80.0 million insured revenue bonds series 2003, issued for the Los Angeles Jewish Home for the Aging (LAJHA), is based on insurance from the State of California's Health Facilities Construction Loan Insurance Program (Cal-Mortgage). Under the Cal-Mortgage program, the bonds are guaranteed by the program's own Health Facilities Construction Loan Insurance Fund (HFCLIF), which is funded by up-front fees from new issuers, interest income on the fund, and from the one-time insurance premium charged to borrowers. However, the ultimate backing for the program is the full faith and credit of the State of California. In the event of a shortfall in the HFCLIF, the state can continue to make regularly scheduled...

Companies mentioned in this report are:
- Los Angeles Jewish Home for the Aging
- California Statewide Communities Dev Auth

Action: New Rating

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Los Angeles Jewish Home for the Aging
- California Statewide Communities Dev Auth

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