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

  • ID: 1953257
  • May 2003
  • Standard & Poors
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(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
- Dorm Auth of the St of New York

Action: Downgraded

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- NYU Hospitals Ctr
- Dorm Auth of the St of New York

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