Mount Sinai NYU Health Obligated Group New York State Dormitory Authority; Health Care, System May 02

  • ID: 1953433
  • May 2002
  • Region: New York
  • Standard & Poors
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  • New York State Dorm Auth
  • NYU Hospitals Ctr
  • MORE

The downgrade on New York State Dormitory Authority's bonds, issued for Mount Sinai NYU Health Obligated Group, is due to the obligated group's failure to meet financial expectations in 2001 and continued weak liquidity levels. Although an operating loss was expected for 2001, the obligated group's actual loss was more than double the budgeted amount, and turnaround efforts now underway are starting from a weaker baseline position than expected. Furthermore, the obligated group's capital needs are being funded in part through one-time asset sales, operating leases, and increased leverage at nonobligated entities, reducing future financial flexibility. Other credit factors include: Continued strong market share as one of a handful of sizable systems in the vast New York metropolitan market; A...

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: Full Analysis

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- NYU Hospitals Ctr
- New York State Dorm Auth

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