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Industry Report Card: U.S. Corporate Health Care Jun 04
Standard & Poors, June 2004
Abstract
Now near its mid-point, 2004 has so far shown the potential to be the fourth consecutive year in which the credit quality of U.S. health care corporations improves. Sustained demand and stable pricing for health services and products, in general, are creating a benign backdrop for health care credit prospects. Still, while current expectations are for a favorable balance in the number of positive and negative rating actions, the varying financial strategies of their managements may well be the primary cause for companies to diverge from their peers in creditworthiness. On the positive side this year, the large pharmacy benefit manager Caremark Rx grew significantly and strengthened its capital structure with the largely stock-financed acquisition of another leading industry player....
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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