NEW YORK - Standard & Poor's Ratings Services said it lowered its underlying rating (SPUR) on $46.1 million of North Central Texas Health Facilities Development Corp.'s revenue bonds outstanding issued for Zale Lipshy University Hospital to BB from A-. The outlook is negative.
"The downgrade reflects substantial and prolonged operating losses and diminished liquidity due to cash flow needs, as well as substantial intercompany loans outside the obligated group," said Standard & Poor's credit analyst Cynthia Keller Macdonald.
