Dutchess County Industrial Development Agency, New York New York State Dormitory Authority Dutchess County Local Government Corp. Health Quest System Inc.; System Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's Ratings Services affirmed its 'A-' underlying rating (SPUR) on the Dutchess County Industrial Development Agency, N.Y.'s series 2005 bonds, issued for Vassar Brothers Medical Center (VBMC). At the same time, Standard & Poor's affirmed its 'A-' SPUR on the New York State Dormitory Authority's series 2007 bonds, issued for Health Quest System Inc. (HQSI), and the authority's series 1997 bonds, issued for VBMC. Standard & Poor's also affirmed its 'A-' long-term rating on Dutchess County Local Development Corp., N.Y.'s series 2010 bonds, issued for HQSI. The outlook on all ratings is stable. The ratings reflect our view of HQSI's historically solid business position and year-to-date improvement in operating performance offset by an only adequate balance sheet and...

Companies mentioned in this report are:
- Health Quest Sys, Inc.
- New York State Dorm Auth
- Dutchess Cnty Indl Dev Agy
- Dutchess Cnty Local Dev Corp

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

- Health Quest Sys, Inc.
- New York State Dorm Auth
- Dutchess Cnty Indl Dev Agy
- Dutchess Cnty Local Dev Corp

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