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American College of Physicians, PA Debt Rating Lowered to 'A+'; Outlook Stable
Standard & Poors, Nov 2004
Abstract
NEW YORK (Standard & Poor's) Nov. 12, 2004--Standard & Poor's Ratings Services lowered its rating on Philadelphia Authority for Industrial Development, Pa.'s outstanding bonds, issued for the American College of Physicians (ACP), to 'A+' from 'AA-'. The outlook is stable. 'The downgrade reflects poor operating performance, with operating deficits in excess of $5 million in each of the past five years; and a high rate of spending from investments to balance operations, resulting in decreased liquidity,' said Standard & Poor's credit analyst Jackie Endriss. Positive rating factors include a dominant position as the largest medical specialty society in the world; strong reserves relative to debt, despite recent declines in liquidity; and the infrequent issuance of debt with manageable current debt...
Companies mentioned in this report are: American Coll of Physicians,Philadelphia Auth for Indl Dev
Action: Downgraded
Action: Outlook: Stable
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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