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New York City Health and Hospital Corp.'s Series 2008D And E Short-Term Bond Rating Lowered To 'A-1' From 'A-1+' Dec 11 Product Image

New York City Health and Hospital Corp.'s Series 2008D And E Short-Term Bond Rating Lowered To 'A-1' From 'A-1+' Dec 11

  • ID: 2033324
  • December 2011
  • Region: New York
  • Standard & Poors

Abstract
BOSTON (Standard & Poor's) Dec. 15, 2011--Standard & Poor's Ratings Services lowered its short-term rating on New York City Health and Hospital Corp.'s (HCC) series 2008 D and E health system bonds to 'A-1' from 'A-1+'. "We base the downgrade on our recent downgrade on JPMorgan Chase Bank NA," said Standard & Poor's credit analyst Karl Jacob. JPMC provides support to the series 2008D and 2008E bonds in the form of a letter of credit. Both series of bonds are rated based on joint support following the low correlation table. Therefore, the long-term portion of the dual rating continues to be 'AAA' and this rating reflects the likelihood that bond holders will be paid for all events other than tenders....

Companies mentioned in this report are:
- New York City

Action: Affirmed
Action: Downgraded
Action: Outlook: Stable

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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