Fitch Drops National Benevolent Association Three Notches Into Junk Territory

Shields, Yvette
June 2003
Bond Buyer;6/20/2003, Vol. 344 Issue 31661, p7
Trade Publication
Fitch Ratings Inc. on June 19, 2003 knocked Saint Louis, Missouri-based nonprofit National Benevolent Association's $149 million of outstanding debt down three notches from BBB-minus to the junk-bond territory of BB-minus. Fitch's action follows a similar move by Moody's Investors Service Inc. in the week preceding June 20, 2003 when it downgraded the credit to Ba2 from Baa3. Analysts at both agencies expressed concerns over whether the provider of services for the elderly, children, and developmentally disabled will be forced to accelerate repayment of roughly $63 million of variable-rate bonds now backed by a letter of a credit through KBC Bank.


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