The underlying rating on California Health Facilities Financing Authority's bonds, issued on behalf of Southern California Presbyterian Homes (SCPH), reflects SCPH's: Strong demand with 95% occupancy at its continuing care retirement communities (CCRCs) and skilled nursing facilities; Solid financial performance; and Relatively diverse revenue stream bolstered by management fees from affordable housing and affiliated projects. These factors are mitigated by reliance on one facility for the majority of SCPH's net income and ongoing facility needs, which keep liquidity at only moderate levels. Bond proceeds will be used to refund SCPH's outstanding debt and for $23.4 million in capital improvements. The bonds are expected to sell with insurance from MBIA. SCPH owns and operates four accredited CCRCs and two nursing facilities
