S&P has assigned an "AA-" long-term rating to the California Statewide Communities Development Authority's $175 million of series 2015 bonds issued on behalf of Chico, Calif.-based Enloe Medical Center.
Enloe will use the bond proceeds to refund $166 million of its series 2008B outstanding debt, which is insured by California's Health Facilities Construction Loan Insurance Program, or Cal-Mortgage.
"The long-term rating is based on our assessment of insurance from the state's Cal-Mortgage program," said S&P credit analyst Patrick Zagar.
The outlook, which is based on California's GO debt rating, is stable.
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