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Industry Report Card: U.S. Corporate Health Care Jul 05
Standard & Poors, July 2005
Abstract
Negative credit actions for U.S. corporate health care companies in the second half of 2005 may contribute to the prevalence of downgrades for the year as a whole in the sector. Despite the placement of three issuer ratings on CreditWatch Positive during the past quarter, almost three-quarters of total sector CreditWatch listings carry negative implications. They reflect operational issues facing individual credits in a variety of health care industry subsectors and, to a lesser extent, potential acquisition and financial transactions. Accordingly, given the predominance of negative CreditWatch listings and the nearly even balance in rating actions thus far in 2005, this could be the second year in a row that downgrades exceed upgrades. This is by no means a foregone...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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