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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

FEATURED COMPANIES

  • Baylor Coll of Medicine
  • MORE

Abstract
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

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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- Baylor Coll of Medicine

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