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Article: Fitch Downgrades Mount Sinai Medical Center, FL Debt To `BB'.
- Article from:
- Business Wire
- Article date:
- December 19, 2001
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Business Editors
NEW YORK--(BUSINESS WIRE)--Dec. 19, 2001
Fitch has downgraded its rating on the Mount Sinai Medical Center of Florida's (Mount Sinai) approximately $275 million outstanding bonds (listed below) to `BB` from `BBB+'. In addition, the bonds will be removed from Rating Watch Negative. The Rating Outlook is Negative. This is the most severe rating action Fitch has taken on a health care bond issue.
The rating downgrade is due to several factors including the extremely poor fiscal 2001 operating results (almost four times below original projections) which resulted in the dismissal of the Chief Executive Officer and Chief Financial ...