Standard & Poor's Ratings Services has assigned its 'BBB' rating to the New York State Dormitory Authority's $18 million revenue bonds, series 2003, issued for the Jewish Board of Family and Children's Services (JBFCS). Standard & Poor's has also affirmed its 'BBB' rating on the outstanding debt issued for JBFCS. The rating reflects: A solid liquidity position, A long operating history, A broad array of services, and Strong historic public support. Offsetting factors include JBFCS' marginal financial performance for the last two years, reliance on non-operating funds, heavy dependence on Medicaid funding, and competition from other providers. The bonds are secured by a security interest in JBFCS' total operating revenues. JBFCS is one of the nation's largest not-for-profit mental health...
Companies mentioned in this report are:
- Dorm Auth of the St of New York
Action: New Rating
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