Fitch Revises Outlook on United Church Homes (Ohio) to Negative; Affirms 'BBB-' Bonds (Business...

Friday October 10, 4:00 pm ET CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed the 'BBB-' underlying rating on approximately $26.1 million County of Marion, Ohio health care facilities refunding and improvement revenue bonds, series 1993, issued on behalf of United Church Homes, Inc (UCH). UCH's series 2002 variable-debt, in the amount of approximately of $27.5 million, is not rated by Fitch. Fitch has also revised the Rating Outlook to Negative from Positive. The Outlook revision to Negative reflects the material drop in UCH's operating performance for the first six months of 2008 and a pending debt issuance that will increase UCH's debt burden. UCH had a negative 0.7% operating margin for the first six months of 2008 due to softening volume at a few of UCH's skilled nursing facilities and an increase in expenses led by... [read full story]