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Arizona Health Facilities Authority Blood Systems Inc.; Non-Profit Organizations Sep 11
Standard & Poors, Sep 2011
Abstract
Standard & Poor's Ratings Services affirmed its 'A' rating on the Arizona Health Facilities Authority's series 2004 revenue bonds, issued for Blood Systems Inc. (BSI). The outlook is stable. While BSI's operating metrics -- measured by a low debt burden, robust debt service coverage, and healthy margins -- are characteristic of upward rating potential, we believe that certain balance sheet metrics, particularly when measured by financial resources compared with operating expenses, remain low. In our opinion, this precludes a higher rating at this time. While financial resources have grown over time, and financial resources compared with debt are reaching more robust levels, we do not believe they have grown to such a level that would enable BSI to absorb any...
Companies mentioned in this report are: Blood Sys Inc.,Arizona Hlth Fac Auth
Action: Affirmed
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: Full Analysis
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