SAN FRANCISCO, CA-- Standard & Poor's Ratings Services lowered its rating to 'BB' from 'BBB-' on the City of La Verne, Calif.'s $46.3 million of debt, issued for Brethren Hillcrest Homes (Hillcrest). (top left photo)The outlook is negative."The rating action is based on an operating profile that has been affected by construction delays, significant cost overruns, and related vacancy issues, all of which have led to very poor liquidity," said Standard & Poor's credit analyst Keith Dickinson.
"While legal disputes arising from the constr
uction project appear to be heading toward a positive resolution, construction delays and affiliation considerations have affected Hillcrest's plans to refinance debt and obtain cash for reimbursement of certain capital expenditures totaling approximately $4.5 million."
uction project appear to be heading toward a positive resolution, construction delays and affiliation considerations have affected Hillcrest's plans to refinance debt and obtain cash for reimbursement of certain capital expenditures totaling approximately $4.5 million."Media Contact:
Christopher Mortell , New York, (1) 212 438 3446
Analyst Contacts:
Keith I Dickinson, San Francisco (1) 415-371-5036
Jessica Goldman, New York 212-438-6484
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