Printer Friendly

MORITZ COMMUNITY HOSPITAL (ID) 'BBB+' SERIES 1987 AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --

MORITZ COMMUNITY HOSPITAL (ID) 'BBB+' SERIES 1987 AFFIRMED BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Nov. 26 /PRNewswire/ -- Moritz Community Hospital's $1.6 million certificates of participation, series 1987 are affirmed at 'BBB+' by Fitch. The bonds were issued by the city of Sun Valley, Idaho, whose full faith and credit are a part of the security. The credit trend is stable.
 A six-year remaining term, modest leverage position, and high cash relative to debt continue to support the rating. In addition, days in accounts receivables have improved, dropping 25 days in 1990 to 71, and have remained relatively constant since then. Concerns for this credit still center on low occupancy levels and the reliance on a small medical staff.
 Sun Valley is a small resort area with a very wealthy residential base. Financial operations are strong, despite an operating deficit run in fiscal year 1991. The ending fund balance remained high, and the 1992 budget is balanced without any additional drawdown. The city's debt burden is low, with debt outstanding consisting of only the hospital debt and one other issue.
 The hospital is in the process of affiliating with Blaine County Medical Center, county-owned facility. Although a smaller sized facility located 15 miles from Sun Valley, Blaine County Medical Center is profitable and has a very modest leverage position.
 The combined entity will be the sole provider in a 40-mile area and will function as a single organization under a unified board, management, and medical staff structure. It is anticipated that within the next three to five years, bonds will be issued to build a replacement facility for combined clinical operations. Until that time, two campuses will be maintained.
 Over the near term, a key challenge facing the reorganized entity is the consolidation of non-clinical services in preparation for the move to a new facility. In addition, as ownership will remain vested with the city of Sun Valley and Blaine County through a partnership agreement, a continuing cooperative environment will be key to the success of the merged operations.
 -0- 11/26/91
 /CONTACT: Ila Griffith Forster, 212-908-0553; or Amy Doppelt, 212-908-0514, or for a copy of the related surveillance report contact Market Services, 800-75-FITCH/ CO: Moritz Community Hospital ST: Idaho IN: HEA SU: RTG


JT -- NY079 -- 7482 11/26/91 16:32 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 26, 1991
Words:385
Previous Article:PENTLAND GROUP TO REDUCE HOLDING IN REEBOK INTERNATIONAL
Next Article:NORSTAN ANNOUNCES SECOND-QUARTER AND YEAR-TO-DATE RESULTS
Topics:


Related Articles
CAPE COD HEALTH SYSTEMS 'BBB' REVENUE BONDS AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --
LOWELL GENERAL HOSPITAL 'BBB+' MASS HEFA REVENUE BONDS AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --
FITCH AFFIRMS CONTINENTAL BANK 'BBB' SENIOR DEBT, TREND STABLE -- FITCH FINANCIAL WIRE --
CAROLINA MEDICORP (N.C.) REVENUE BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
MEDLANTIC HEALTHCARE GROUP (DC) $52.7 MILLION BONDS 'BBB+' BY FITCH -- FITCH FINANCIAL WIRE --
American Southwest $77 Million Pass-Thrus Affirmed 'AAA' By Fitch -- Fitch Financial Wire --
Fitch Affirms Advanta Asset Backed Ratings - Fitch Financial Wire -
LTC $100.8M Commercial Mtge Certs 1996-1 Affirmed by Fitch
Fitch Rating Actions on Cityscape Corp. Senior/Subordinated Securities - Fitch Financial Wire -
Fitch Upgrades ACTS to 'A-' Investment Grade Rating; CFO Grant Confirms Stable Outlook and Strong Demand.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters