The rating on California Health Facilities Financing Authority, Calif.'s bonds, issued for Sunny View Lutheran Home, is based on insurance from the State of California's Health Facilities Construction Loan Insurance Program (Cal-Mortgage). Under the Cal-Mortgage insurance program, in the event of a default, the state can continue to make regularly scheduled debt service payments or issue debentures to the trustee for the benefit of the bond owners having a total face value of and bearing interest at the rate on the respective bonds they replace. Consequently, the ultimate backing for this issue is the credit of the state of California, and on that basis the bonds are rated 'A+'. Sunny View Lutheran Home is a 501(c)(3) corporation that owns and
