DALLAS, TX--Standard & Poor's Ratings Services revised its outlook to positive from stable and affirmed its 'BBB-' underlying ratings (SPUR) on California Statewide Communities Development Authority's series 2006 variable-rate demand bonds, and ABAG Finance Authority for Nonprofit Corporations series 1997A revenue refunding certificates of participation.Both series were issued for American Baptist Homes of the West (ABHOW). Kelly Ridge, top right photo, is scheduled to open in summer 2009 in South Lake Tahoe, NV.
"Also reflected in the positive outlook is our expectation that ABHOW's near-term financial perfor
mance will be adequate, and operating performance will improve once its redevelopment efforts are complete," said Standard & Poor's credit analyst Karl Propst. "Over the past two and one half years, ABHOW demonstrated a significant operational turnaround and materially improved its balance sheet," added Mr. Propst.
"Also reflected in the positive outlook is our expectation that ABHOW's near-term financial perfor
mance will be adequate, and operating performance will improve once its redevelopment efforts are complete," said Standard & Poor's credit analyst Karl Propst. "Over the past two and one half years, ABHOW demonstrated a significant operational turnaround and materially improved its balance sheet," added Mr. Propst.Media Contact: Christopher Mortell, New York (1) 212-438-3446 christopher_mortell@standardandpoors.com
Analyst Contacts: Karl Propst, Dallas (1) 214-871-1427; Stephen Infranco, New York (1) 212-438-2025
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