TITLE

More Downs Than Ups for Health Care, Despite Some Progress

AUTHOR(S)
Albano, Christine
PUB. DATE
April 2003
SOURCE
Bond Buyer;4/23/2003, Vol. 344 Issue 31620, p7
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
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.
ACCESSION #
9676301

 

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