Standard & Poor's Ratings Services lowered its long-term rating to 'BB+' from 'BBB-' on Madison County, Idaho's series 2006 revenue certificates of participation (COPs), issued on behalf of Madison Memorial Hospital (MMH). While the hospital has a strong business position with solid demographics, the lowered rating reflects our view of its persistent operating losses and heavy debt load. The outlook remains negative due to the continued operating losses year to date. More specifically, factors leading to the lowered rating include our view of the hospital's: Considerable operating losses and flat revenues, although management reports operations have improved in recent months; Very low coverage of maximum annual debt service (MADS) coverage and a very high debt burden; Weak balance sheet with...
Companies mentioned in this report are: Madison Mem Hosp,Madison Cnty
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