Fitch Affirms New Hampshire Catholic Charities Revs at 'BBB+'; Outlook Stable.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has affirmed New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). Higher Education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. and Health Facilities Authority's ratings as follows: --Approximately $5.2 million outstanding revenue bonds, series 1997 at 'BBB+'; --Approximately $2.2 million outstanding revenue bonds, series 1997A bonds issued on behalf of New Hampshire Catholic Charities, Inc. (NHCC NHCC National Hispanic Cultural Center NHCC National Hispanic Corporate Council NHCC NASA Headquarters Computing Center ) at 'BBB+'. The Rating Outlook is Stable. The affirmation at 'BBB+' is supported by NHCC's strong balance sheet and consistent profitability. NHCC's excess margin has remained above 4% since fiscal 2005 in large part due to high occupancy (historically above 90% system-wide), an increase in Medicare services, additional funding via quality assessment revenue, and relatively steady fundraising. Excess margin is down to 4.2% through the first six-months of fiscal 2009 (ending Sept. 30) from 10.4% in the prior year. The decline is in large part due to investment losses ($850,569 including unrealized losses) and modest occupancy declines experienced due to a temporary softening of nursing home census during the summer months that was perceived to be statewide. NHCC's balance sheet displays very low debt burden and healthy liquidity with the fiscal 2008 debt-to-capitalization and days cash on hand (DCOH DCOH Dimerization Cofactor of HNF1 ) ratios at 17.4% and 204 days, respectively. As of Nov. 30, 2008, NHCC had $26.3 million of unrestricted cash and investments (roughly 190 DCOH) of which $17.1 million is cash. Credit concerns include NHCC's considerable exposure to Medicaid and reliance on bequests and contributions and, to lesser extent, investment returns for profitability. Approximately 60% of NHCC's census is reimbursed by Medicaid. Like many other states during this recession, New Hampshire (GOs rated 'AA' by Fitch) is facing deficits which it plans to address with program cuts. NHCC management anticipates a cut in the nursing home Medicaid rates in July of 2009 but has stated that the impact is likely to be modest. In fiscal 2008 and 2007, bequests and contributions, inclusive of inclusive of prep. Taking into consideration or account; including. in-kind items were $12.9 million and $11.4 respectively. The food bank and annual appeal contributions comprise the bulk of the fundraising efforts and are relatively reliable; year-to-date fiscal 2009 contributions, however, are reportedly 3-5% down from the previous year, which is attributable to the economic conditions. The Stable Rating Outlook reflects Fitch's belief that NHCC's strong balance sheet and excess margins should effectively offset pressures arising from the potential Medicaid cuts. Additionally, NHCC does not expect to issue more debt and anticipates only modest capital improvements in the foreseeable future, which should further bolster the balance sheet. New Hampshire Catholic Charities, Inc. is a not-for-profit agency that operates 441 skilled nursing beds in six separate facilities, 81 independent living units in three independent facilities, a children's home children's home n → centro de acogida para niños children's home n → foyer m d'accueil (pour enfants) children's home n , and a home for retired priests, all of which are located throughout New Hampshire. NHCC covenants to disclose only annual information to the Nationally Recognized Municipal Securities Information Repositories (NRMSIRS) and disclosure to date has been timely. NHCC does not covenant to disclose quarterly information, which Fitch views negatively. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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