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Madison Center, Ind., seeks one-year waiver of bond covenant non-compliance
By Caroline Salls
Pittsburgh, Oct. 29 - Madison Center, Inc. was not in compliance with the debt service coverage ratio covenant on its St. Joseph County Hospital Authority, Ind., series 2005 and series 1999 bonds for the year ended June 30, according to a material event disclosure released Wednesday.
Madison Center said its management is seeking a one-year waiver of the non-compliance.
According to the disclosure, the minimum required debt service coverage ratio is 1.25, but Madison's ratio is 0.85.
Standard & Poor's reduced the credit rating on the bonds to BBB- from BBB on July 30 and affirmed the negative outlook.
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