...Standard & Poor's Ratings Services lowered its long-term rating to '##' from '##+' on the California Statewide Communities Development Authority's $573 million series 2014A, $123 million series 2014B, and $13 million series 2014C revenue bonds, issued for Loma Linda University Medical Center (LLUMC). We also assigned our '##' long-term rating to the authority's $883 million of series 2016A fixed-rate bonds, issued for LLUMC. 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 nonobligated group entities unless specified differently. We believe the '##' rating reflects LLUMC's weaker-than-expected financial profile, light pro forma MADS coverage due partly to weaker-than-budgeted operating performance in 2015, and a thin balance sheet. This debt amount for the project and related debt service and capitalized interest is $870 million,...
