Castro Valley Ca

Fitch Affirms Baywood Court, CA (f.k.a. Eden Hospital Health Svcs) COPs at ...

SAN FRANCISCO--( BUSINESS WIRE )--As part of its ongoing surveillance efforts, Fitch Ratings has affirmed the 'BBB' rating on the following certificates of participation (COPs) issued on behalf of Baywood Court (CA):

--$18.6 million Eden Township Health care District series 2010.

The Rating Outlook is Stable.

RATING RATIONALE:

--Baywood Court's (BC) financial profile demonstrates very good profitability, strong debt service coverage, and solid liquidity for the current rating.

--BC's profitability has improved from higher occupancy at its recently renovated health center resulting in very strong debt service coverage in fiscal (FY) 2010 and through the interim period.

--BC's liquidity position has strengthened after investment in the health center and is adequate for the rating.

--Occupancy has rebounded and is very strong, especially after the re-opening of BC's health center.

KEY RATING DRIVERS:

--Sustained profitability, coupled with marked improvement to BC's liquidity position;

--Maintenance of high occupancy rates.

SECURITY:

The bonds are secured by a pledge of the gross revenues of Baywood Court and a lien and security interest in the Baywood Court's property.

CREDIT SUMMARY:

Baywood Court is a rental retirement facility located in Castro Valley, CA. The facility operates 186 independent living units, 30 assisted living units and 56 skilled nursing beds. Total operating revenue in the FY-ended June 30, 2010 was $14.3 million.

The 'BBB' rating is supported by Baywood Court's favorable profitability, strong debt service coverage, good liquidity position, and high occupancy rates. The favorable profitability reflects BC's success at renovating and reopening its health center operations. Further, BC is currently repositioning its independent and assisted living units to better meet resident demand. As a result, occupancy in BC's health center has ramped up quite quickly and was 87% at March 31, 2011. Similarly, occupancy in the ILUs and ALUs was very high at 96% and 92%, respectively at March 31st. The high occupancy rates have led to favorable profitability, with BC posting an excess margin of 2.5% at FY-end 2010 (8.4% year to date), compared to Fitch's median of 1.7%. Further, BC's 2010 operating ratio of 88.4% improved to 84.1% through the interim period and is stronger than Fitch's 'BBB' median of 98.6%.

22062 Cameron St, Castro Valley CA | Pleasanton Realtor ...

MLS#: 40528945

Asking Price: $564,950

This Spanish custom beauty offers 4br-4.5ba with limestone flooring, raised hearth fireplace w/ flagstone, crown molding, two tone paint, designer paint and fixtures thru-out. Kitchen features granite counters, island, Jenn air appliances, cherry cabs & recessed lights. Large yard.

Sonali Sethna, one of the top-rated Tri-Valley / Pleasanton Realtor , is the listing agent for this home for sale in Castro Valley CA. To arrange a private showing of this or other homes in Pleasanton CA, Dublin CA, San Ramon CA, Livermore CA, Castro Valley CA and other East Bay cities, please contact Sonali Sethna at (925) 525-2569.

Information deemed reliable but not guaranteed. Please contact Sonali Sethna, a Pleasanton Realtor, for the most up-to-date information on Castro Valley, Livermore, San Ramon, Danville, Dublin, Alamo, and Pleasanton Homes for sale.

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