Summary: Westchester County Industrial Development Agency, New York Lawrence Hospital; Hospital Jun 11

Standard & Poors, June 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'BBB+' rating, with a stable outlook, on Westchester County Industrial Development Agency, N.Y.'s series 1998 bonds, issued for Lawrence Hospital. The rating reflects our opinion of the hospital's: Solid operating performance despite volume issues in fiscal 2010, Strong debt service coverage, Adequate balance sheet, and Sound business position despite competition and outmigration to tertiary centers. Offsetting factors include a significant increase in debt load expected in the near term and the high average age of plant, although the hospital recently completed a number of capital projects. The hospital's pledge of gross receipts secures the bonds. Lawrence Hospital is a 291-licensed-bed acute-care facility in Bronxville, an affluent suburb of New York City. Its primary...

Companies mentioned in this report are: Lawrence Hosp,Westchester Cnty Indl Dev Agy
Action: Affirmed
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Lawrence Hosp,Westchester Cnty Indl Dev Agy

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