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Article: MICHIGAN: Bon Secours' Bounce.

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The Bond Buyer
Article date:
March 17, 2004
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Moody's Investors Service on Friday removed Bon Secours Health System from its watch list for a possible downgrade, but gave the system's approximately $1.3 billion of outstanding debt a negative outlook while it works to resolve problems stemming from accounting irregularities at its Michigan site. The agency confirmed its A3 rating.

Moody's analysts said the Maryland-based health care system acted quickly to address competition concerns in certain markets. Results over the next 12 to 18 months are expected to improve, the agency reported, and Bon Secours is set to repay about $100 million of debt by the end of fiscal 2004.

The system could face a ...

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