Fitch Downgrades Holyoke Hosp. Bonds

March 2005
Bond Buyer;3/3/2005, Vol. 351 Issue 32082, p2
Trade Publication
The article reports that Fitch Ratings Inc. has downgraded the $13.18 million of Massachusetts Health and Educational Facilities Authority Series B bonds issued in 1994 for Holyoke Hospital to BB-plus from BBB-minus. Valley Health System (VHS) Inc. is the parent and sole corporate member of Holyoke Hospital. The downgrade to BB-plus is based on VHS's decline in operating performance, weak debt service coverage, poor payor mix, and light liquidity. The decline in operating performance has led to a financial profile that is no longer consistent with an investment grade category credit.


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