Farmington Hills Newswire

Farmington Hills Newswire

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  1. Fitch Affirms Evangelical Homes of Michigan at 'BB+'; Outlook StableRead the original story

    Nov 14, 2016 | Information Technology

    Fitch Ratings has affirmed the 'BB+' rating on the following bonds issued on behalf of Evangelical Homes of Michigan : The bonds are secured by a pledge of unrestricted receivables of the Obligated Group, a mortgage on the revenue-generating property and structures on the three campuses, and two separate debt service reserve funds. MODEST LIQUIDITY: Liquidity metrics remain mixed relative to 'BB+' peers but are adequate for the rating category with a solid 5.2x cushion ratio and a light 35.8% cash to debt.

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