Standard & Poor’s lowered its rating on the St. Louis County Industrial Development Authority’s health care facilities revenue bonds (Ginnie Mae Collateralized—Mary Queen and Mother Association Project) Series 2001 18 notches to CC from AA-plus. The outlook is negative.
“The downgrade reflects what we consider insufficient assets available to pay debt service,” said analyst Renee Berson.
Total assets of $10.933 million as of March 23 consisted of $10.878 million of mortgage-backed securities and a revenue account of $55,767. Outstanding liabilities of $10.970 million of bonds consist of $615,000 of serial bonds earning 4.75%-4.80% and $10.355 million of term bonds earning 5.0%-5.50%, resulting in an asset-to-liability ratio of 99.67%.