Standard & Poor's Ratings Services affirmed its 'BBB+' rating, with a stable outlook, on New Jersey Economic Development Authority's series 2008 private-placement refunding bonds, issued for Fellowship Village Inc. The rating reflects our opinion of Fellowship Village's solid record of strong operating profitability, robust days' cash on hand, and strong occupancy. While many of Fellowships' financial metrics are in line with a higher rating, we believe these metrics are somewhat offset by an unrestricted-cash-to-long-term-debt ratio and, what we consider, high adjusted leverage. While these metrics have improved over the past few years, we recognize they are not yet strong enough to merit a rating change. In addition, Fellowship's plans to issue additional debt over the next several years will limit...
Companies mentioned in this report are:
- New Jersey Econ Dev Auth
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included. SHOW LESS READ MORE >