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Bond Rating On Martin Memorial Medical Center, FL Lowered To 'BBB' On Increased Debt Jan 12
Standard & Poors, Jan 2012
Abstract
NEW YORK (Standard & Poor's) Jan. 6, 2012--Standard & Poor's Ratings Services has lowered its long-term rating to 'BBB' from 'BBB+' on Martin County Health Facilities Authority, Fla.'s $5.7 million series 2002B bonds issued for Martin Memorial Medical Center. At the same time, Standard & Poor's assigned its 'BBB' long-term rating to the $133.2 million series 2012 revenue bonds to be issued by the authority for the medical center. 'While we believe Martin Memorial's overall financial profile has strengthened during fiscals 2010 and 2011 to levels consistent with the 'BBB+' rating, we lowered the rating because the significant new debt exerts considerable pressure on key income statement and balance sheet metrics,' said Standard & Poor's credit analyst Charlene Butterfield. 'Though...
Companies mentioned in this report are: Martin Mem Med Ctr,Martin Cnty Hlth Fac Auth
Action: Downgraded
Action: New Rating
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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