NEW YORK (Standard&Poor's) July 7, 2005--Standard&Poor's Ratings Services today affirmed its 'BBB' rating on Louisiana Public Facilities Authority's extended-care facilities revenue bonds (Comm-Care Corp. Project) series 1994. The affirmed rating reflects the fact that, while the bonds have amortized down by 30% since issuance, net cash flow (NCF) for the portfolio collateral is also down by 19% during that same period. The rating also reflects the fact that revenues are heavily dependent on Medicaid reimbursement (96% of total revenues) and that the nursing facilities are located in secondary and tertiary markets. Proceeds from the bond issue were used to partially finance the purchase of 10 extended-care nursing facilities located in various rural communities throughout the state
