Bangkok--20 Jul--Standard & Poor's
Standard & Poor's Ratings Services lowered its long-term rating to 'BB+' from 'BBB-' on the Hawaii State Department of Budget and Finance's special purpose revenue bonds, issued on behalf of the Kuakini Health System (Kuakini), which operates facilities on the island of Oahu. The outlook is stable.
"The lowered rating reflects our view of Kuakini's operating losses in fiscal 2010 and through the first nine months of fiscal 2011 as well as its declining volumes for the same period," said Standard & Poor's credit analyst Geraldine Poon.
"Continued losses or a decline in liquidity could prompt us to lower the rating further. While we would view a return to positive operations favorably, it is unlikely that we would raise the rating within the next two years," Ms. Poon added.
RELATED CRITERIA AND RESEARCH
USPF Criteria: Not-For-Profit Health Care, June 14, 2007
Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
Media Contact:
Ola Fadahunsi, New York (1) 212-438-5095,
[email protected]
Analyst Contacts:
Geraldine Poon, San Francisco (1) 415-371-5078
Kenneth T Gacka, San Francisco (1) 415-371-5036