New York State Dormitory Authority Dutchess County Industrial Development Agency Health Quest Systems Inc./Vassar Brothers Medical Center; System Jul 10

Standard & Poors, July 2010

Abstract
Standard & Poor's Ratings Services affirmed its 'A' underlying ratings (SPURs) on New York State Dormitory Authority's series 2007 bonds, issued for Health Quest Systems Inc. (HQSI), N.Y., and Dutchess County Industrial Development Agency, N.Y.'s series 1997, 2004, and 2005 bonds, issued for Vassar Brothers Medical Center (VBMC). The outlook remains negative. The negative outlook reflects credit concerns about volumes being lower than expected through the interim period of fiscal 2010, the possible issuance of $45 million additional debt in fiscal 2010, which could strain balance sheet metrics and profit margins that we only consider adequate for the present rating. The affirmed 'A' rating reflects our view of the system's: Solid market position with a market share of 37.7% with...

Companies mentioned in this report are:
- New York State Dorm Auth
- Dutchess Cnty Indl Dev Agy
- Health Quest Sys, Inc.

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

- New York State Dorm Auth
- Dutchess Cnty Indl Dev Agy
- Health Quest Sys, Inc.

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