Printer Friendly

MOODY'S REVIEWS HOSPITAL RATINGS IN WASHINGTON STATE ONE UPGRADE, NINE CONFIRMATIONS RESULT

 NEW YORK, Feb. 2 /PRNewswire/ -- On Feb. 1, Moody's completed its comprehensive review of 10 hospital revenue bond ratings in Washington with total outstanding debt of $156.5 million. The review resulted in one upgrade and nine confirmations which were equally distributed between A and Baa ratings.
 In contrast to the national hospital rating distribution, the rating distribution for Washington hospitals is skewed slightly toward lower bond ratings. For example while 61 percent of national hospital ratings are A or better, 50 percents of the Washington hospital ratings are rated similarly. This distribution does not necessarily reflect a weaker operating environment in Washington, but rather can be partially explained by the use of bond insurance by many of the state's larger hospitals and the limited service array and operating flexibility of the smaller hospitals included in this review. The majority of the hospitals reviewed are small community hospitals which accounts for the low median hospital bed size of 188 beds. This contrasts with many of the hospital reviews completed by Moody's in other states which include large tertiary teaching hospitals.
 The single rating upgrade was for Stevens Memorial Hospital, operated by Snohomish County Public Hospital District No. 2 and located in Edmonds. A new management team's refocus on physician recruitment has increased patient volume and contributed to its significantly improved financial performance and cash position. Consequently, the rating was upgraded to Baa1 from Baa.
 A special report, comprising a summary of the individual hospital analysis and an overview of the Washington health care environment will be published in a few weeks.
 Debt
 Affected
 City Issuer ($000) Rating
 Upgrade:
 Stevens Memorial Edmonds Snohomish County Public 7,800 Baa1
 Hospital Hospital Dist. No. 2 (revised
 from Baa)
 Confirmations:
 Central Washington Wenatchee Washington Health Care 4,605 A
 Medical Center Facilities Authority
 Children's Hospital Seattle Washington Health Care 29,360 A1
 and Medical Center Facilities Authority
 Dominican Health Spokane Washington Health Care 2,845 Baa
 Services Facilities Authority
 Evergreen Hospital Kirkland King County Public 17,985 A
 and Medical Center Hospital District No. 2
 Kadlec Medical Ctr. Richland Washington Health Care 13,985 Baa1
 Facilities Authority
 Northwest Hospital Seattle Washington Health Care 23,515 A
 Facilities Authority
 Skagit Valley Mt. Vernon Skagit County Public 9,695 Baa
 Hospital Hospital District No. 1
 United General Sedro Skagit County Public 10,450 Baa
 Hospital Woolley Hospital District No. 304
 Yakima Valley Yakima Washington Health Care 36,420 A
 Medical Center Facilities Authority
 -0- 2/2/93
 /CONTACT: Pamela S. Federbusch, senior analysts health care ratings, 212-553-7165/


CO: ST: Washington IN: HEA SU: RTG

SM-KW -- NY090 -- 2051 02/02/93 16:14 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 2, 1993
Words:437
Previous Article:ABSOLUTE SAFETY IN FOODS IS UNATTAINABLE
Next Article:THOR ANNOUNCES RECORD THREE AND SIX MONTHS SALES; JUMPS TO NO. 3 IN MOTOR HOMES; MARKET SHARE IN TRAVEL TRAILERS AND FIFTH WHEELS UP
Topics:


Related Articles
MOODY'S UPGRADES RATING FOR ALBERT EINSTEIN MEDICAL CENTER TO A FROM BAA1
MOODY'S COMPLETES REVIEW OF HOSPITAL RATINGS IN NORTH CAROLINA: 3 DOWNGRADES, 18 CONFIRMATIONS
MOODY'S COMPLETES REVIEW OF HOSPITAL RATINGS IN PENNSYLVANIA 1 UPGRADE, 8 DOWNGRADES
MOODY'S REVIEWS HOSPITAL RATINGS IN MICHIGAN
SECOND QUARTER 1992 DOWNGRADES EXCEED UPGRADES FOR HOSPITALS BONDS
MOODY'S REVIEWS HOSPITAL RATINGS IN FLORIDA; ONE UPGRADE, 16 CONFIRMATIONS
MOODY'S RELEASES WEEKLY HEALTH CARE RATINGS SUMMARY
Moody's upgrades financial strength rating on LTCB.
Moody's hikes Sakura Bank's ratings, cuts Sumitomo Bank's.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters