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
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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

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Research type: News
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- New York City

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