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Citrus Valley Health Partners, California; Hospital Jan 08 Product Image

Citrus Valley Health Partners, California; Hospital Jan 08

  • ID: 2045093
  • January 2008
  • Region: California
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services affirmed its 'BB+' underlying rating (SPUR) and stable outlook on California Statewide Communities Development Authority's $84.8 million certificates of participation, issued for Citrus Valley Health Partners (CVHP). The rating reflects CVHP's improved balance sheet and leverage and solid maximum annual debt service (MADS) coverage. Operations, however, have softened from fiscal 2005 (year-end is Dec. 31) due to the absence of some one-time adjustments and revenue growth that has not kept pace with expense growth. Although Foothill Hospital is now substantially seismically compliant, seismic construction needs remain at CVHP's two other, larger campuses. Sizing of seismic costs have now been pushed out to 2009 and will be based on the new HAZUS evaluation methodology recently approved...

Companies mentioned in this report are:
- Citrus Vy Hlth Partners
- California Statewide Communities Dev Auth

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

- Citrus Vy Hlth Partners
- California Statewide Communities Dev Auth

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