Standard & Poor's Ratings Services assigned its 'A+' long-term rating to Roanoke Economic Development Authority, Va.'s $97.32 million Series 2010 revenue refunding bonds, issued for Carilion Clinic Obligated Group (Carilion). We also assigned an 'A+' underlying rating (SPUR) to the 2005C bonds at the request of Carilion. Standard & Poor's also affirmed its 'A+' long-term rating and SPUR on various issuers' bonds, also issued for Carilion, and its 'A-1+', 'A-1', and 'A-2' short-term ratings on various bonds backed by standby bond purchase agreements. The outlook remains negative. We revised our outlook to negative from stable in May 2010 because Carilion reported operating losses for three years in a row, including worse-than-expected fiscal 2009 results. In addition, new operating challenges emerged...
Companies mentioned in this report are:
- Carilion Clinic Obligated Grp
- Roanoke Econ Dev Auth
Action: New Rating
Action: Outlook: Negative
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