Fitch: Non-Rtd Descriptive Rprt, Casa Grande Regional Med Center.Business Editors NEW YORK--(BUSINESS WIRE)--June 8, 2001 Fitch fitch: see polecat. has released its non-rated descriptive report on the $50.1 million Industrial Development Authority of the City of Casa Grande Casa Grande (kä`sä grän`dā), city (1990 pop. 19,082), Pinal co., S Ariz.; inc. 1915. It lies in an irrigated farm area near the Casa Grande Mts. Hospital (AZ) revenue bonds (Casa Grande Regional Medical Center) series 2001A, series 2001B and series 2001C bonds. Fitch's descriptive credit analysis provides analyses of significant credit factors and includes Fitch's evaluation of the strengths and risks surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. this credit. No request was made for a rating on this transaction, and Fitch did not review all information or complete all procedures necessary to reach a final credit rating. Generally, Fitch regards unenhanced debt issued with financial characteristics similar to the described facility as being below investment grade. Through this financing, Casa Grande Regional Medical Center (CGRMC CGRMC Casa Grande Regional Medical Center (Casa Grande, AZ) ) will refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies its existing series 1993 and 1995 bonds, and consolidate its debt at a fixed interest rate. The bonds are expected to sell the week of June 25 via negotiation by Peacock peacock or peafowl, large bird of the genus Pavo, in the pheasant family, native to E Asia. There are two main species, the common (Pavo cristatus), and the Javanese (P. , Hislop, Staley & Given, Inc. CGRMC's primary credit strength is its dominant market share, which is held secure by its lack of competition within a 30-mile radius. Market share in 2000 approached 63% of total service area admissions. CGRMC is led by a management team that has successfully turned around operations in the last year, consequently returning the corporation to profitability by implementing measures resulting in increased volume and added market share. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: for the year ended June 30, 2000 was solid at 4.6%, and through the 10 months ended April 30, 2001 remains solid at 5.3%. With primary service area population 52% over the last decade, volume should continue its upward trend. Credit concerns include light liquidity, a relatively weak payor mix and an increasingly difficult managed care environment. With cash on hand equal to 17.1 days at April 30, 2001, CGRMC's ability to adequately fund capital expenditures or weather difficult circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or in the near term is a concern. Financial performance has been continually strained by CGRMC's high reliance on Medicare (43% of revenues) and Medicaid (23% of revenues), which are generally unprofitable payors, while the increasing penetration and leverage of managed care payors poses additional threats to the organization. Casa Grande Regional Medical Center is located in Casa Grande, AZ, approximately 45 miles southeast of Phoenix and 60 miles northwest of Tucson. For a copy of the credit analysis, please visit Fitch's web site at 'www.fitchratings.com' or contact Market Services at 1-800-853-4824. |
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