Debt Rating On NYSARC Inc., NY Lowered To 'A-' On Revenue Cuts Oct 11
Standard & Poors, October 2011
Abstract
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
Action: Downgraded
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
- NYSARC, Inc.
- New York State Dorm Auth
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