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CA Statewide Communities Development/Citrus Valley Health Partners Rtg Lowered to BBB+ (SPUR) Aug 99
Standard & Poors, Aug 1999
Abstract
NEW YORK (Standard & Poor's CreditWire) Aug. 16, 1999--Standard & Poor's today lowered its underlying rating (SPUR) on California Statewide Communities Development Authority's $75 million certificates of participation, issued for Citrus Valley Health Partners (CVHP) to triple-'B'-plus (SPUR) from single-'A' (SPUR). The outlook has been revised from stable to negative. The downgrade reflects: -- An unplanned $13 million contractual allowance adjustment, which lead to a 5% reduction in revenues and an $10.5 million loss in 1998; -- Deteriorating financial performance characterized by a negative excess margin of 4.6% and poor debt service coverage of 1 times (x); and -- Poor interim performance with continued generation of net losses budgeted for 1999. Factors that continue to support the rating at the...
Companies mentioned in this report are: California Statewide Communities Dev Auth
Action: Downgraded
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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