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Mount Sinai NYU Health Obligated Group Bonds Rating Lowered to 'BB' May 03 Product Image

Mount Sinai NYU Health Obligated Group Bonds Rating Lowered to 'BB' May 03

  • ID: 1953257
  • May 2003
  • Standard & Poors

FEATURED COMPANIES

  • New York State Dorm Auth
  • NYU Hospitals Ctr
  • MORE

Abstract
(Editor's note: This press release is being reissued to clarify the rationale behind the downgrade.) NEW YORK (Standard & Poor's) May 1, 2003--Standard & Poor's Ratings Services said today it lowered its rating on the New York State Dormitory Authority's series 2000 bonds, with $666 million outstanding, issued for the Mount Sinai NYU Health Obligated Group, to 'BB' from 'BBB-'. The outlook is stable. The downgrade reflects a projected worsening in obligated group operations and liquidity as a result of the delay in fully implementing turnaround plans at Mount Sinai Hospitalwhich was in part due to management turnover and weakened volume at Mount Sinai Hospital. The downgrade also reflects a failure to achieve expected benefits from the merger, such as...

Companies mentioned in this report are:
- NYU Hospitals Ctr
- 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.

- NYU Hospitals Ctr
- New York State Dorm Auth

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