Fitch Rates Adventist Sunbelt, FL Ser 2003D Bonds 'A'.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 5, 2003 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. assigns Individuals to whom property is, will, or may be transferred by conveyance, will, Descent and Distribution, or statute; assignees. The term assigns is often found in deeds; for example, "heirs, administrators, and assigns to denote the assignable nature of an 'A' rating to the approximately $135 million Highlands County Health Facilities Authority Hospital revenue bonds Hospital revenue bond A bond issued to finance construction of a hospital by a municipal or state agency. hospital revenue bond Tax-exempt debt issued by a city, county, state, or hospital authority with debt service guaranteed by hospital , series 2003D (Adventist Health System/Sunbelt Obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. Group). In addition, Fitch fitch: see polecat. affirms the 'A' rating on Adventist Health System/Sunbelt's (Adventist) $1.7 billion of outstanding debt, listed below. The Rating Outlook is Stable. Bond proceeds will be used to fund capital expenditures, establish a debt service reserve fund, and pay costs of issuance. The series 2003D bonds will be sold the week of Sept. 22 via negotiation by Ziegler Capital Markets Group. The primary credit strengths of Adventist Health System The Adventist Health System is the organisation responsible for overseeing matters related to Hospitals and other medical facilities, related to the Seventh-day Adventist Church within the United States. Sunbelt (Adventist) are its solid operating profitability, its increasing geographic dispersion dispersion, in chemistry dispersion, in chemistry, mixture in which fine particles of one substance are scattered throughout another substance. A dispersion is classed as a suspension, colloid, or solution. , and its strong management team. Through the six months ended June 30, 2003, Adventist's operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: improved to 4.7%, up from 3.3% for the fiscal year-ended Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. Dec. 31, 2002. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become margins are healthy at 14.6% through the first six months of fiscal 2003, as cost control measures and hospital integration efforts continue to improve returns. Through various hospital acquisitions, Adventist has increased its geographic distribution of facilities, reducing its reliance on its flagship Florida Hospital in Orlando. In addition, Fitch views senior management as an organizational strength. Credit concerns include an above average debt burden and extensive capital commitments. Cash to debt as of June 30, 2003 was light for an 'A'-rated credit at 75.3%, while MADS was 4.9% of total revenue. However, MADS coverage is solid at 3x. On-going capital commitments to recently acquired hospitals are substantial and will necessitate ne·ces·si·tate tr.v. ne·ces·si·tat·ed, ne·ces·si·tat·ing, ne·ces·si·tates 1. To make necessary or unavoidable. 2. To require or compel. additional annual debt incurrence In`cur´rence n. 1. The act of incurring, bringing on, or subjecting one's self to (something troublesome or burdensome); as, the incurrence of guilt, debt, responsibility, etc. s> Noun 1. between $100 million and $150 million annually, though management currently targets capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. to 75% of EBITDA. Disclosure practices are excellent. Headquartered in Winter Park, FL, Adventist operates 37 hospitals in 10 states. Outstanding Debt -- $81,375,000 Orange County, FL Health Facilities Authority hospital revenue bonds, series 1989A (Adventist Health System/Sunbelt, Inc.),'A'; *+ -- $2,815,000 City of Punta Gorda Punta Gorda may refer to:
hospital revenue bonds, series 1989A, 'A'; * -- $310,000 Highlands County, FL Health Facilities Authority hospital revenue bonds, series 1989A (Adventist Health System/Sunbelt, Inc.), 'A'; * -- $2,550,000 Highlands County, FL Health Facilities Authority hospital revenue bonds, series 1989B(Adventist Health System/Sunbelt, Inc., 'A'; + -- $3,500,000 Health and Educational Facilities Board of Town of Greeneville, TN hospital revenue bonds, series 1989A (Adventist Health System/Sunbelt, Inc.), 'A'; + -- $5,355,000 Tarrant County, Texas Tarrant County is a county located in the U.S. state of Texas. As of 2000, the population was 1,446,219. Its county seat is Fort Worth6. Tarrant County is the second most populous county in the Dallas/Fort Worth Metroplex and contains its second largest principal city. Health Facilities Development Corp. hospital revenue bonds, series 1989A (Adventist Health System/Sunbelt, Inc.), 'A'; + -- $10,840,000 City of Altamonte Springs Al·ta·monte Springs A city of east-central Florida, a residential suburb of Orlando. Population: 40,900. , FL health facilities authority hospital revenue bonds, series 1989A (Adventist Health System/Sunbelt, Inc.), 'A'; * -- $13,455,000 Pasco County, FL Health Facilities Authority hospital revenue bonds, series 1989A (Adventist Health System/Sunbelt, Inc.),'A'; *+ -- $4,485,000 Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County Davidson County is the name of two counties in the United States:
hospital revenue bonds, series 1989A (Adventist Health System/Sunbelt, Inc.), 'A'; + -- $5,460,000 Health and Educational Facilities Board of the City of Portland, TN hospital revenue bonds, series 1989A (Adventist Health System/Sunbelt, Inc.), 'A'; + -- $6,435,000 City of Punta Gorda, FL health facilities authority hospital revenue bonds, series 1989A (Adventist Health System/Sunbelt, Inc.), 'A'; + -- $33,000,000 Orange County, FL health facilities authority hospital revenue bonds, series 1991A (Adventist Health System/Sunbelt, Inc.),'A'; * -- $36,000,000 Orange County, FL health facilities authority hospital revenue bonds, series 1991B (Adventist Health System/Sunbelt, Inc.), 'A'; + -- $4,395,000 The Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County, TN hospital revenue bonds, series 1991 (Adventist Health System/Sunbelt, Inc.), 'A'; + -- $38,220,000 Orange County, FL health facilities authority hospital revenue bonds, series 1992 (Adventist Health System/Sunbelt, Inc.), 'A'; + -- $1,875,000 Tarrant County, Texas health facilities development corporation hospital revenue bonds, series 1992 (Adventist Health System/Sunbelt, Inc.), 'A'; + -- $10,505,000 City of Altamonte Springs, FL health facilities authority hospital revenue refunding bonds refunding bond A bond that is issued for the purpose of retiring an outstanding bond. Issuers refund bond issues to reduce financing costs, eliminate covenants, and alter maturities. See also crossover refunding bonds, prerefunding. , ser 1993A (Adventist Health System/Sunbelt, Inc.),'A'; ++ -- $62,125,000 City of Altamonte Springs, FL health facilities authority hospital revenue bonds, series 1993B (Adventist Health System/Sunbelt, Inc.), 'A'; * -- $8,900,000 Tarrant County, TX health facilities development corporation hospital revenue bonds, series 1993 (Adventist Health System/Sunbelt, Inc.), 'A'; + -- $4,840,000 The Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County, TN hospital revenue bonds, series 1993(Adventist Health System/Sunbelt, Inc.), 'A'; + -- $34,930,000 Volusia County, FL health facilities authority hospital facilities revenue refunding Reimbursing funds in restitution or repayment. The process of refinancing or borrowing money, ordinarily through the sale of bonds, to pay off an existing debt with the proceeds derived therefrom. and improvement bonds, series 1994 (Memorial Health Systems Project), 'A'; * -- $156,340,000 Orange County, FL health facilities authority hospital revenue bonds, series 1995 (Adventist Health System/Sunbelt Obligated Group), 'A'; * -- $6,455,000 Hospital Authority of Gordon County GA revenue anticipation certificates, series 1995 (Adventist Health System/Sunbelt Obligated Group), 'A'; ++ -- $5,475,000 Tarrant County, TX health facilities development corporation hospital revenue bonds, series 1995 (Adventist Health System/Sunbelt Obligated Group), 'A'; ++ -- $25,165,000 Copperas Cove Copperas Cove (kŏp`ərəs), town (1990 pop. 24,079), Coryell co., central Tex. In a farm and ranch area, the town owes much of its existence to U.S. Fort Hood, which it adjoins. , TX health facilities development corporation hospital revenue bonds, series 1995 (Adventist Health System/Sunbelt Obligated Group), 'A'; ++ -- $4,590,000 The Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County, TN hospital revenue bonds, series 1995 (Adventist Health System/Sunbelt Obligated Group), 'A'; ++ -- $16,265,000 Hospital Authority of the City of Smyrna, GA revenue certificates (Emory-Adventist Hospital at Smyrna Project), series 1996, 'A'; * -- $44,235,000 Volusia County, FL health facilities authority hospital facilities revenue bonds, series 1996 (Memorial Health Systems Project), 'A'; * -- $101,190,000 Highlands County, FL health facilities authority hospital revenue bonds, series 1998 (Adventist Health System/Sunbelt Obligated Group), 'A'; -- $14,535,000 Tarrant County, TX health facilities development corporation hospital revenue bonds, series 1998 (Adventist Health System/Sunbelt Obligated Group), 'A'; -- $3,690,000 The Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County, TN hospital revenue bonds, series 1998 (Adventist Health System/Sunbelt Obligated Group), 'A'; -- $187,805,000 Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. Development Finance Authority hospital revenue bonds, series 1999 (Adventist Health System/Sunbelt Obligated Group), 'A'; -- $59,855,000 Illinois Development Finance Authority hospital revenue bonds, series 2000A, 'A'; ++ -- $69,530,000 Orange County, FL health facilities authority hospital revenue bonds, series 2000, 'A'; -- $33,130,000 Tarrant County, TX health facilities development corp. hospital revenue bonds, series 2000, 'A'; -- $10,565,000 Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County, TN hospital revenue bonds, series 2000, 'A'; -- $60,000,000 Colorado Health Facilities Authority hospital revenue bonds (PorterCare Adventist Health System Project) series 2001, 'A'; -- $165,190,000 Highlands County, FL health facilities authority hospital revenue bonds, series 2001A (Adventist Health System/Sunbelt Obligated Group), 'A'; -- $160,000,000 Orange County, FL health facilities authority hospital revenue bonds, series 2002 (Adventist Health System/Sunbelt Obligated Group), 'A'; -- $75,000,000 Highlands County, FL health facilities authority hospital revenue bonds, series 2002B (Adventist Health System/Sunbelt Obligated Group), 'A'; -- $68,015,000 Highlands County Health Facilities Authority hospital revenue bonds, series 2003B (Adventist Health System/Sunbelt Obligated Group), 'AA-/F1+'; ** -- $68,095,000 Highlands County Health Facilities Authority hospital revenue bonds, series 2003C (Adventist Health System/Sunbelt Obligated Group), 'A/F1'. (*)Insured by Ambac Assurance Corp., whose insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. financial strength is rated 'AAA' by Fitch Ratings. (+)Insured by Financial Security Assurance, Inc., whose insurer financial strength is rated 'AAA' by Fitch. (++)Insured by MBIA MBIA Montana Building Industry Association MBIA Municipal Bond Insurance Association MBIA Michigan Boating Industries Association MBIA Municipal Bond Investors Assurance MBIA Massachusetts Brain Injury Association MBIA Maryland Business Incubation Association Insurance Corp., whose insurer financial strength is rated 'AAA' by Fitch. (**) Rating based on a letter of credit provided by SunTrust Bank. |
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