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

S&P Global Ratings' long-term rating on the California Statewide Communities Development Authority's series 2018, 2016A, 2014A, and 2014B fixed-rate revenue bonds is 'BB-'. All bonds were issued for Loma Linda University Medical Center (LLUMC) obligated group. The outlook is stable. LLUMC includes several entities. A subset of these organizations (outlined below) compose the LLUMC obligated group. References to LLUMC include both the obligated and nonobligated group entities unless specified differently. The 'BB-' rating reflects our view of LLUMC's highly vulnerable financial profile underlined by volatile operating performance due to inconsistencies in the receipt of provider-fee money from California's Quality Assurance Fee (QAF) program, weak debt service coverage (DSC), highly leveraged balance sheet, high debt burden, and heightened capital spending, which

...S&P Global Ratings' long-term rating on the California Statewide Communities Development Authority's series 2018, 2016A, 2014A, and 2014B fixed-rate revenue bonds is '##-'. All bonds were issued for Loma Linda University Medical Center (LLUMC) obligated group. The outlook is stable. LLUMC includes several entities. A subset of these organizations (outlined below) compose the LLUMC obligated group. References to LLUMC include both the obligated and nonobligated group entities unless specified differently. The '##-' rating reflects our view of LLUMC's highly vulnerable financial profile underlined by volatile operating performance due to inconsistencies in the receipt of provider-fee money from California's Quality Assurance Fee (QAF) program, weak debt service coverage (DSC), highly leveraged balance sheet, high debt burden, and heightened capital spending, which continue to pressure metrics. Although, we take a positive view of management's focus on revenue and expense improvement as evident...

Summary