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Industry Report Card: U.S. Corporate Health Care Sep 04
Standard & Poors, Sep 2004
Abstract
Over the next few months, unless there is a reversal of this past quarter's rating trend, 2004 may become the first year since 2000 that U.S. corporate health care downgrades exceeded upgrades. Company-specific events, rather than broad industry influences, have driven the recent rating reductions. These negative actions could persist into 2005 if the availability of relatively low-cost debt encourages more aggressive financial leveraging by companies, even if they continue to operate amid generally favorable demand and pricing for health services and products. Of the four downgrades since midyear, three were pharmaceutical companies. The one with the highest profile was Bristol-Myers Squibb Co. The rating action reflected Standard & Poor's increasing concern with that drug firm's challenge to cope with...
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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