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Published on 12/31/2008 in the Prospect News Investment Grade Daily.

S&P lowers Ohio Masonic bonds outlook to negative

Standard & Poor's said it revised its rating outlook on Ohio Masonic Home's bonds, issued by Clark County, Ohio and Western Reserve Masonic Community Inc., to negative from stable, reflecting Ohio Masonic Home's financial pressures, which have led to continual operational losses and revenue declines, as well as a depressed local economy.

In addition, the agency said it affirmed its A+ ratings on Ohio Masonic Home's bonds.

"The negative outlook reflects our concern that Ohio Masonic Home's operational losses will continue at a time when dependence on investment income is less certain due to the volatility of the market," said S&P credit analyst Margaret McNamara.

"If Ohio Masonic is unable to curtail operating losses over the next two years, a downward rating action may be warranted."

The agency said that the A+ rating reflects significant balance sheet strength, including robust liquidity.


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