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
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
- Dorm Auth of the St of New York
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