Baylor College of Medicine, TX's Bond Rating And SPUR Lowered To 'A-'; Operating Deficits And Stalled Projects Cited Oct 09

  • ID: 1752947
  • October 2009
  • Standard & Poors
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  • Baylor Coll of Medicine
  • MORE

SAN FRANCISCO (Standard & Poor's) Oct. 9, 2009--Standard & Poor's Ratings Services lowered its rating and underlying rating (SPUR) on Harris County Health Facilities Development Corp. and Harris County Cultural Education Facilities Finance Corp., Texas' series 1999A, 2008D, 2007B, 2008B, 2008E, 2007A, 2008A, and 2008C bonds, issued for Baylor College of Medicine (BCM), to 'A-' from 'A'. The outlook is negative. "The rating revision is based upon BCM's continued operating deficits, technical default of its bonds, and the stalled construction progress of its hospital," said Standard & Poor's credit analyst Carlotta Mills. The college has not been profitable since 2003 and does not expect to be until 2014. Although it has a strong faculty presence in Houston, it has not...

Companies mentioned in this report are:
- Baylor Coll of Medicine

Action: Downgraded

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Research type: News
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- Baylor Coll of Medicine

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