More Downs Than Ups for Health Care, Despite Some Progress

Albano, Christine
April 2003
Bond Buyer;4/23/2003, Vol. 344 Issue 31620, p7
Trade Publication
In their quarterly diagnosis of the health care sector, three major rating agencies have revealed that despite some overall positive trends, chronic credit problems produced more downgrades than upgrades in the first quarter of 2003. The agencies said deteriorating balance sheets, declining liquidity, rising new debt levels, and less-than-adequate investment income are among the main factors that led to the trend in the three-month period ending March 31, 2003. As Standard & Poor's Corp., there were 18 downgrades affecting 2.46 billion dollar of outstanding debt and four upgrades affecting 900 million dollar, while Moody's Investors Service Inc. downgraded eight credits affecting 1.81 billion dollar of outstanding debt and upgraded only four credits totaling 1.481 billion dollar. At Fitch Ratings Inc., meanwhile, nine credits for 1.71 billion dollar in par amount were downgraded, and three for a par amount of 267 million dollars were upgraded.


Related Articles

  • New England States Begin Strengthening Rainy-Day Funds. Piazza, Johanna // Bond Buyer;9/10/2003, Vol. 345 Issue 31716, p3 

    Reports on the promotion of rainy-day reserve funds by New England states as of September 10, 2003. Ratings of various states in England by Moody's Investor Service Inc., Standard & Poor's Corp. and Fitch Ratings Inc. regarding the reserve funds; Status of rainy-day fund of Massachusetts;...

  • Chicago in Market With $500M, Moody's Cuts Outlook to Negative. Shields, Yvette // Bond Buyer;8/17/2004, Vol. 349 Issue 31949, p1 

    Reports that the city of Chicago, Illinois, received a warning from Moody's Investors Service that its A1 credit rating is in jeopardy due to its narrow fund balance, budget deficit and use of long term debt to cover operations. Individual ratings given by Moody's, Fitch Ratings and Standard &...

  • WEST VIRGINIA: Manchin: We're on Track. Ackerman, Andrew // Bond Buyer;3/8/2007, Vol. 359 Issue 32582, p9 

    The article reports on the credit ratings given by rating agencies for West Virginia Economic Development Authority in February 2007. Fitch Ratings Inc. upgraded its outlook for the five series of bonds sold by the agency in 2002-2004 from A to A-plus. Also, Moody's Investors Service Inc. and...

  • Agencies close out 2003 with new products. C. M. O., Bonnie // Asset Securitization Report;11/17/2003, Vol. 3 Issue 44, p8 

    Reports on Standard and Poor's collateralized debt obligation (CDO) square methodology which assesses the risk of loss to investors in synthetic CDO. Aim of the methodology to capture the underlying risks specific to these types of deals; Launch of Fitch Ratings' CDO Custom Watch, a...

  • Second Liens Altered in Slow Market. G. S. // Asset Securitization Report;7/30/2007, Vol. 7 Issue 30, p14 

    The article reports on the endless amount of rating activities and methodology alterations that have hit the market from Standard & Poor's Corp., Moody's Investors Service Inc. and Fitch Ratings Inc. The sufficiency of the rating adjustments remains to be seen as market players cite little to no...

  • Sewer Surge. Sigo, Shelly // Bond Buyer;9/18/2003, Vol. 345 Issue 31722, p29 

    Reports on the ratings assigned to the outstanding water and sewer system revenue bonds in Miami-Dade County, Florida by credit rating companies. Increase in the rating assigned by Standard & Poor's Corp.; Affirmation of A-plus rating on the outstanding debt by Fitch Ratings Inc.; A1 rating...

  • Louisiana Scores Upgrade Hat Trick as Moody's Raises GOs to A1. DeSue, Tedra // Bond Buyer;7/21/2003, Vol. 345 Issue 31681, p40 

    Reports that ratings firm Moody's Investors Service Inc. on July 18, 2003 upgraded Louisiana's general obligation bond rating. Revelation that the firm has upgraded ratings of the state for the third time in 2003; Factors that contributed to the upgradation of the rating; Views of the ratings...

  • Mixed Reviews for $740 Million Dallas Transit Deal. Williamson, Richard // Bond Buyer;6/5/2008, Vol. 364 Issue 32893, p4 

    The article reports on the rating for the upcoming $740 million sales tax revenue bond sale of the Dallas Area Rapid Transit (DART) in Texas by three rating agencies. The bond is getting mixed reviews, with one upgrade, one downgrade, and one agency maintaining the status quo. Standard & Poor...

  • News In Brief: S&P Lifts FirstHealth Of Carolinas to AA.  // Bond Buyer;2/11/2002, Vol. 339 Issue 31322, p2 

    Reports on the increase in the ratings of North Carolina Medical Care Commission's outstanding debt by rating agency, Standard & Poor's Corp. Rating accredited by the agency; Factors on which the revise rating was based; Inferences drawn from the rating.


Read the Article


Sign out of this library

Other Topics