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Summary: New York State Dormitory Authority United Health Services (FKA Ideal-Wilson Medical Center); Multifamily FHA Insurance Sep 09
Standard & Poors, Sep 2009
Abstract
Standard & Poor's Ratings Services assigned its 'AAA' long-term rating to New York State Dormitory Authority's FHA-insured mortgage hospital revenue bonds series 2009, issued for United Health Services (FKA Ideal-Wilson Medical Center). The 'AAA' rating reflects our opinion of the: Quality of the mortgage collateral insured by FHA under section 242 of the National Housing Act; Good level of excess asset coverage sufficient to mitigate projected credit losses as demonstrated by an opening asset-to-liability ratio of 108.32%; Sufficiency of cash flows evidencing enough revenues to make timely payment of fees and debt service; Fully funded reserves sized to cover all credit and liquidity shortfalls in the event of a mortgage default; and High quality investments sufficient to support the rating...
Companies mentioned in this report are: New York State Dorm Auth
Action: New Rating
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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