Fitch Lowers Mr. Sinai-NYU Hospitals, Citing Deteriorated Financial Standing

Piazza, Johanna
April 2003
Bond Buyer;4/11/2003, Vol. 344 Issue 31613, p5
Trade Publication
Fitch Ratings Inc. has downgraded Mount Sinai-NYU Health System below investment grade, from BBB-minus to BB-plus, based on declines in financial performance and what the rating agency terms significant challenges facing Mount Sinai Hospital. The decline in financial performance is largely driven by Mount Sinai Hospital's considerable operating losses. Fitch Ratings Inc. estimates that NYU Hospitals Center made 6.3 million dollar from operations in 2002. The system has plans to transfer residential real estate owned by Mount Sinai Hospital, Mount Sinai School of Medicine and Realty to a special purpose entity, which will then undertake a borrowing of 100 million dollar to 150 million dollar secured by the real estate.


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