Summary: Southern California Presbyterian Homes; Joint Criteria; Long Term Care Oct 08

Standard & Poors, October 2008

Abstract
Standard & Poor's Ratings Services assigned its 'BBB+' rating to the California Statewide Communities Development Authority's revenue bonds series 2008A, issued on behalf of Southern California Presbyterian Homes (SCPH). In addition, Standard & Poor's affirmed its 'BBB+' rating and underlying rating (SPUR) on SCPH's outstanding debt (various issuers). The outlook is negative. Bond proceeds will refinance SCPH's 1998 and 2006B bonds. The negative outlook reflects: Recent inconsistency in operating performance (although there are some one-time items); Softening occupancy statistics; An only adequate balance sheet for the rating level; and Only adequate adjusted coverage of maximum annual debt service (MADS). Credit strengths include SCPH's: Consistent overall profitability; Considerable revenue and geographic diversity; and Management's strategic focus, which has balanced ongoing campus...

Companies mentioned in this report are:
- be.group
- California Statewide Communities Dev Auth

Action: Affirmed
Action: New Rating
Action: Outlook: Negative

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.

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.

- be.group
- California Statewide Communities Dev Auth

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