California Statewide Communities Development Authority Loma Linda University Medical Center; Hospital; System

S&P Global Ratings lowered its long-term rating to 'BB-' from 'BB' on the California Statewide Communities Development Authority's series 2016A, 2014A, and 2014B fixed-rate revenue bonds. In addition, S&P Global Ratings assigned its 'BB-' long-term rating to the authority's $366.25 million series 2018 fixed-rate bonds. All bonds were issued for Loma Linda University Medical Center (LLUMC) obligated group. The outlook is stable. LLUMC includes several other entities described below. A subset of these organizations (outlined below) make up the LLUMC obligated group. References to LLUMC include both the obligated and non-obligated group entities unless specified differently. The rating action reflects our view of LLUMC's unanticipated debt with rising pro forma maximum annual debt service and an overall tightening of an

...S&P Global Ratings lowered its long-term rating to '##-' from '##' on the California Statewide Communities Development Authority's series 2016A, 2014A, and 2014B fixed-rate revenue bonds. In addition, S&P Global Ratings assigned its '##-' long-term rating to the authority's $366.25 million series 2018 fixed-rate bonds. All bonds were issued for Loma Linda University Medical Center (LLUMC) obligated group. The outlook is stable. LLUMC includes several other entities described below. A subset of these organizations (outlined below) make up the LLUMC obligated group. References to LLUMC include both the obligated and non-obligated group entities unless specified differently. The rating action reflects our view of LLUMC's unanticipated debt with rising pro forma maximum annual debt service and an overall tightening of an already weak balance sheet. In addition, income statement performance, while nominally stronger year to date, has been volatile, reflecting the inconsistencies in the receipt...

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