Fitch Ratings

Fitch Downgrades National Jewish Health Colorado Revs to 'BBB'; Stable Outlook

Published in Drug Law Weekly, November 25th, 2008

Fitch Ratings has downgraded to 'BBB' from 'BBB+' the Colorado Health Facilities Authority's approximately $44.5 million revenue bonds, series 1998, 1998B, and 2005, issued on behalf of National Jewish Health (NJH). The Rating Outlook is Stable.

The downgrade to 'BBB' reflects a material decline in NJH's balance sheet strength and an operating loss in fiscal 2008. At June 30, 2008, NJH's unrestricted cash and investment totaled $34.2 million as compared to $46.4 million at June 30, 2007. As a result, several of NJH's liquidity indicators have weakened significantly and are below Fitch 'BBB' medians. From 2007 to 2008, days cash on hand dropped from 136.7 to 83.6,...

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Source: Drug Law Weekly (2008-11-25)

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