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California Statewide Communities Development Authority Eskaton Properties Inc.; Revenue - Health Care, Long Term/Continuous Care/Retirment Centers Jul 99
Standard & Poors, July 1999
Abstract
The rating on California Statewide Communities Development Authority, issued for Eskaton Properties, Inc. (EPI) 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 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 debt of 1.8x. Offsetting factors include lackluster financial performance, ongoing business challenges in EPI's managed care (skilled nursing) division, and high leverage. Proceeds will refund existing debt and reimburse about $2.95 million in capital expenditures. The bonds are scheduled to sell with insurance from American Capital Access. EPI...
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: Full Analysis
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