Summary: Eskaton Subsidiaries, California; Long Term Care Dec 08

Standard & Poors, December 2008

Abstract
Standard & Poor's Ratings Services affirmed its 'BBB' underlying rating (SPUR) on the California Statewide Communities Development Authority's series 1999 bonds, issued on behalf of Eskaton Subsidiaries. Eskaton, a large system that provides services to the elderly throughout Northern California, benefits from its considerable revenue and geographic diversity. The 'BBB' rating reflects our view of Eskaton's overall history of sound operating performance and our opinion that Eskaton's significant debt load has historically been offset by its liquidity growth and good cash flow. However, operating performance has softened year to date, due to both the housing downturn and increased interest expense. While we believe the system's overall credit profile remains sound, Standard & Poor's has some concerns about the senior living...

Companies mentioned in this report are:
- Eskaton and Subsidiaries
- California Statewide Communities Dev Auth
- Association of Bay Area Govts

Action: Affirmed
Action: Outlook: Stable

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.

- Eskaton and Subsidiaries
- California Statewide Communities Dev Auth
- Association of Bay Area Govts

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