November 14, 2012 / 9:06 PM / 5 years ago

S&P cuts Mendocino Coast Health Care District, Calif. GOs to 'C'

Nov 14 (Reuters) - Standard & Poor's Ratings Services cuts its underlying
rating on Mendocino Coast Health Care District, California's general obligation
(GO) bonds to single-C from double-C.
    The outlook remains stable.
    S&P said the downgrade follows the district's filing for bankruptcy
protection under Chapter 9 of the U.S. Bankruptcy Code, and the single-C rating
is warranted since payments on the obligations are continuing despite the filing
of bankruptcy petition. S&P also said they do not expect to change the rating in
the next year.
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