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Article: Standard & Poor's Cuts Catholic Healthcare West, CA Bond Rating to 'A'.
- Article from:
- PR Newswire
- Article date:
- October 28, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK, Oct. 28 /PRNewswire/ -- Standard & Poor's today assigned its single-'A' rating to $597.48 million in health facility revenue bonds issued for Catholic Healthcare West, Calif. (see list below). This represents a downgrade from Standard & Poor's previous single-'A'-plus rating on Catholic Healthcare West.
The downgrade reflects:
-- Declining financial performance, most severely affected by increased
costs in Catholic Healthcare West's Shared Business Services project
and negative impact from capitated contracts and physician investments;
-- Instability in key markets due to capitation and competitive factors,