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Article: Fitch Downgrades St. Joseph Health Services of Rhode Island to 'BB-'; Outlook Revised to Stable.
- Article from:
- Mergers & Acquisitions Week
- Article date:
- October 21, 2009
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Fitch Ratings has downgraded Rhode Island Health and Educational Building Corporation's $18.6 million series 1999 revenue bonds (St. Joseph Health Services of Rhode Island Issue; SJHS) to 'BB-' from 'BB'. Fitch has also revised the Rating Outlook to Stable from Negative.
The downgrade to 'BB-' reflects SJHS' weak liquidity position, continued operating losses, poor debt service coverage, and ongoing volume declines. As of July 31, 2009 (10-months unaudited), SJHS had approximately $14 million in unrestricted cash and investments, which equated to 30 days cash on hand, a 4.9 times (x) cushion ratio, and cash to debt of 77%. Since Fitch's last review in 2008, ...
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Article: SJHS misses compliance deadline
Proviso Herald (Maywood-Melrose Park-West Proviso-Westchester, IL);
January 2, 2008 ;
700+ words
...After St. Joseph High School missed a Dec. 28 extended deadline to meet fire codes, the Village of Westchester is poised to begin noncompliance proceedings against the school. When St. Joseph purchased the old Immaculate Heart of Mary campus at 10900 W. Cermak Road and moved their operations there
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