Fitch Rates Trinity Health Credit Group, MI, Bonds ``AA-''.Business EditorsNEW YORK--(BUSINESS WIRE)--Oct. 16, 2000 Fitch assigns a `AA-` to the $146 million Michigan State Hospital Finance Authority, refunding revenue bonds (Trinity Health Trinity Health is an American healthcare provider headquartered in Minot, North Dakota. Trinity is a non-profit organization. Trinity has a 150+ physician medical group. Credit Group), series 2000A and to $47 million Iowa Finance Authority, refunding revenue bonds (Trinity Health Credit Group) series 2000B bonds. Bond proceeds will be used to refinance all or portions of several series of bonds, which are advanced refundable under current tax law. The par amounts for the series 2000A and 2000B bonds are subject to change based on market conditions, however, Trinity Health's total pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma debt will be no greater than approximately $1.6 billion. Trinity Health also plans to issue up to approximately $476 million of series 2000C-F variable rate debt (a net increase of only $150 million) in the next month to refinance certain other existing debt and to fund $150 million of new money needs. Fitch will assign short-term ratings at that time. With this rating action, all of Trinity Health-Michigan (formerly known as Mercy Health Services health services Managed care The benefits covered under a health contract ) and Trinity Health (formerly known as Holy Cross Health System) bonds will also carry the `AA-` rating (see listing below). The bonds are expected to sell the week of Oct. 23 through negotiation by Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Dean Witter Dean Witter may refer to:
The 'AA-' rating is supported by Trinity Health's strong debt service coverage, geographic diversity, consistent profitability, strong management team, and low debt burden. Pro forma debt service coverage for audited fiscal 1999 and 2000 was strong, with coverage greater than 3.4 times (x). Trinity Health benefits from geographic diversity with facilities in 7 states, including Michigan, Iowa, Indiana, Maryland, Idaho, Ohio, and California. Historical pro forma performance at Trinity Health has been solid with operating margins over 1.5% and excess margins over 5.6% between fiscal 1998 and 1999. Fiscal 2000 operating and excess margins were 0.5% and 3.0%, respectively (excluding several one-time restructuring charges, including the closure of Mercy Hospital Mercy Hospital or Mercy Medical Center could refer to the following hospitals in:
Credit concerns include Trinity Health's light liquidity position (in relation to its rating category), increasing downward pressures on revenues, competitive markets in southeastern Michigan and other areas, and its weaker fiscal 2000 performance. At June 30, 2000, Trinity Health maintained days cash on hand of 158, cushion ratio of 12.3x, and a pro forma cash to debt position of 104%. Managed care payors and the Balanced Budget Balanced budget A budget in which the income equals expenditure. See: budget. balanced budget A budget in which the expenditures incurred during a given period are matched by revenues. Act of 1997 (BBA BBA abbr. Bachelor of Business Administration ) have continued to place pressures on Trinity Health revenue streams, as can be seen by the slowing of revenue growth. Fitch's outlook for Trinity Health is stable, as it will take some time for the system to completely gel and begin to benefit from its cost saving initiatives and market leverage. Trinity Health, the sole corporate member of Trinity Health- Michigan is the fifth largest non-profit health care system in the U.S based on revenues and is comprised of 47 owned or managed acute care hospitals and other related health care entities located in 7 states. Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in 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 and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide. --$146,000,000 Michigan State Hospital Finance Authority, refunding revenue bonds (Trinity Health Credit Group), series 2000A. --$47,000,000 Iowa Finance Authority, refunding revenue bonds (Trinity Health Credit Group), series 2000B. --$70,370,000 Michigan State Hospital Finance Authority, revenue and refunding bonds (Mercy Health Services 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), series 1999X (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 insured). --$43,545,000 Michigan State Hospital Finance Authority, revenue refunding bonds (Mercy Health Services Obligated Group), series 1997S (MBIA insured)/a. --$56,075,000 Michigan State Hospital Finance Authority, revenue refunding bonds (Mercy Health Services Obligated Group), series 1997T (MBIA insured)/a. --$38,610,000 Iowa Finance Authority, revenue refunding bonds (Mercy Health Services Obligated Group), series 1997V (FSA FSA Financial Services Authority FSA Food Standards Agency (UK) FSA Farm Service Agency (USDA) FSA Financial Services Agency (Japan) insured)/a. --$29,390,000 Sioux City, Iowa <noinclude></noinclude> Sioux City (IPA: [su: 'sɪti]) is a city located in northwest Iowa in the United States. As of the 2000 census, the city had a total population of 85,013. , revenue refunding bonds (Sisters of Mercy Health Services Corporation Obligated Group), series 1993O (MBIA insured). --$125,165,000 Michigan State Hospital Finance Authority, revenue refunding bonds (Sisters of Mercy (R. C. Ch.) a religious order founded in Dublin in the year 1827. Communities of the same name have since been established in various American cities. The duties of those belonging to the order are, to attend lying-in hospitals, to superintend the education of girls, and protect Health Corporation Obligated Group), series 1993P (MBIA insured)/a. --$9,875,000 Michigan State Housing Development Authority, limited obligation revenue bonds (Mercy Bellbrook Project) series 1993 (MBIA insured)/a. --$71,765,000 Michigan State Hospital Finance Authority, revenue refunding bonds (Sisters of Mercy Health Corporation Obligated Group), series 1992M. --$1,220,000 Michigan State Hospital Finance Authority, revenue bonds (Sisters of Mercy Health Corporation), series 1991J. --$19,930,000 City of Fresno, California “Fresno” redirects here. For other uses, see Fresno (disambiguation). Fresno is the sixth-largest city in California and the county seat of Fresno County, with an official Census Bureau estimated population of 481,035 as of July 1, 2006. , hospital refunding revenue bonds, series 1998 (Holy Cross Health System Corporation) (MBIA insured). --$51,850,000 Idaho Health Facilities Authority, hospital revenue bonds, series 1998 (Holy Cross Health System Corporation) (MBIA insured). --$92,305,000 Indiana Health Facilities Financing 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 1998 (Holy Cross Health System Corporation) (MBIA insured). --$50,090,000 County of Franklin, Ohio Franklin is a city in Warren County, Ohio, United States. The population was 11,396 at the 2000 census. History Franklin was founded by General William C. Schenck, in 1796. The settlement was named for Benjamin Franklin. , hospital revenue bonds, series 1998 (Holy Cross Health System Corporation) (MBIA insured). --$17,545,000 County of Franklin, Ohio, hospital revenue refunding bonds, series 1990A (Mount Carmel Health). --$17,805,000 City of Fresno, California, hospital refunding revenue bonds, series 1993A (Holy Cross Health System Corporation). --$40,000,000 City of Fresno, California, hospital revenue bonds, series 1993B (Holy Cross Health System Corporation). --$34,000,000 Maryland Industrial Development Financing Authority, revenue bonds, series 1993 (Holy Cross Health System Corporation). --$30,430,000 County of Franklin, Ohio, hospital revenue refunding bonds, series 1993 (Holy Cross Health System Corporation). --$40,000,000 Idaho Health Facilities Authority, variable rate revenue bonds, series 1995, (Holy Cross Health System Corporation). --$64,600,000 County of Franklin, Ohio, variable rate hospital revenue bonds, series 1995, (Holy Cross Health System Corporation). --$58,480,000 County of Franklin, Ohio, hospital revenue bonds, series 1996, (Holy Cross Health System Corporation). --$25,275,000 Maryland Industrial Development Financing Authority, hospital revenue refunding bonds, series 1996, (Holy Cross Health System Corporation). --$72,420,000 Michigan State Hospital Finance Authority, hospital revenue and refunding bonds (Mercy Mount Clemens Mount Clemens (klĕm`ənz), city (1990 pop. 18,405), seat of Macomb co., NE of Detroit, SE Mich., on the Clinton River; settled c.1798, inc. as a city 1879. The city is known for its mineral waters. Corporation Obligated Group), series 1999A (MBIA insured)/a. --$17,905,000 Michigan State Hospital Finance Authority, revenue bonds (Mercy Health Services Obligated Group), series 1997U (MBIA insured)/a. --$45,155,000 Michigan State Hospital Finance Authority, revenue bonds (Mercy Health Services Obligated Group), series 1997W (FSA insured)/a. --$43,480,000 Michigan State Hospital Finance Authority, revenue bonds (Mercy Health Services Obligated Group), series 1996Q (Ambac insured)/a. --$25,970,000 Michigan State Hospital Finance Authority, revenue bonds (Mercy Health Services Obligated Group), series 1996R (Ambac insured)/a. --$17,705,000 Iowa Finance Authority, revenue bonds (Sisters of Mercy Health Corporation Obligated Group), series 1992N. Note /a: Certain maturities of the above issues are unenhanced. |
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