Debt Rating On NYSARC Inc., NY Lowered To 'A-' On Revenue Cuts Oct 11
- ID: 1931291
- October 2011
- Region: New York
- Standard & Poors
BOSTON (Standard & Poor's) Oct. 6, 2011--Standard & Poor's Ratings Services has lowered its long-term rating and underlying rating (SPUR) to 'A-' from 'A' on New York State Dormitory Authority's revenue debt, issued for NYSARC Inc. The downgrade reflects Standard & Poor's view of the expected revenue cuts for NYSARC in fiscal years 2011 and 2012, which will likely strain financial operating performance in future years, although the degree of the impact is not yet known. Standard & Poor's believes the risk related to the future growth of NYSARC's revenues, coupled with its light liquidity balance, is more indicative of an 'A-' rating. "The stable outlook reflects our assessment of NYSARC's essential service complement and its improved overall financial performance...
Companies mentioned in this report are:
- NYSARC, Inc.
- New York State Dorm Auth
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