Illinois Retirement Home Cut to BBB-Minus by Fitch

Fitch Ratings said it has downgraded to BBB-minus from BBB the rating on $2.6 million of outstanding Illinois Health Facilities Authority revenue bonds, Series 1999A, issued for the Bethesda Home and Retirement Center. The rating outlook remains negative.

The rating downgrade reflects Bethesda Home and Retirement Center’s occupancy challenges and weaker performance over the past 15 months. Total overall occupancy has declined since 2005 when it was 80%, with overall occupancy averaging 69% from 2006 through 2008.

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