Columbus Hosp, N.J., Cut to B3 by Moody's

Cataldo, Adam L.
November 2004
Bond Buyer;11/30/2004, Vol. 350 Issue 32019, p2
Trade Publication
The article reports that Moody's Investors Services Inc. yesterday downgraded Columbus Hospital in New Jersey to B3 from B2 and put the hospital on watch list for another possible downgrade. The new rating affects $27 million in debt from the 1991 series. Drops in cash on hand as a result of operating losses, in fiscal 2003 and 2004 and the payback of almost S5 million in Medicaid reimbursement fees led to the downgrade. According to the report form rating agency the institution is essentially illiquidated with no line of credit available to the organization.


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