Mount Sinai NYU Health Obligated Group, New York New York State Dormitory Authority; Health Care, System Nov 04
Standard & Poors, November 2004
Abstract
The 'BB' rating on New York State Dormitory Authority's outstanding revenue bonds, issued for Mount Sinai NYU Health Obligated Group, reflects: Continued negative operating performance through the six-month period ending June 30, 2004, although improvement has been made resulting in stronger cash flow and increased coverage of maximum annual debt service; and Weak balance sheet characteristics, including slim liquidity levels and very high leverage, with long-term debt to capitalization at 78%. The outlook remains negative and reflects the obligated group's continued challenge to improve results from operations and strengthen the balance sheet. Both organizations continue to implement turnaround plans, based in part on consultant engagements and recommendations. Continued improvement through the remainder of 2004 from the implementation of turnaround plans...
Companies mentioned in this report are:
- NYU Hospitals Ctr
- New York State Dorm Auth
Action: Affirmed
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
- NYU Hospitals Ctr
- New York State Dorm Auth
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