CENTENNIAL (S&P Global Ratings) May 25, 2016--S&P Global Ratings
revised the outlook to positive from stable and affirmed its 'A-'
underlying rating (SPUR) on the California Statewide Communities Development
Authority's certificates of participation (COPs), issued for Citrus
Valley Health Partners (CVHP).
"The outlook revision reflects our opinion of CVHP's continued
strong financial performance, with solid maximum annual debt service coverage,
and its good balance sheet, with continued growth in unrestricted reserves,"
said S&P Global Ratings credit analyst Allison Bretz.
The 'A-' COP SPUR and positive outlook further reflect our view
- Very low debt load, with no contingent liability exposure and ample days'
cash on hand;
- Sustained improvement in financial performance, including healthy maximum
annual debt service coverage due in part to a low debt burden; and
- Management team that has defined clear, strategic goals and demonstrated
success in improving the underlying operating performance of the organization.
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