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Article: Fitch Affirms Holy Redeemer Health System, Pennsylvania at 'BBB'; Outlook to Negative.
- Article from:
- Business Wire
- Article date:
- November 22, 2004
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NEW YORK -- Fitch Ratings today has affirmed the 'BBB' rating on $94,970,000 in outstanding Montgomery County Higher Education and Health Authority health care revenue bonds (Holy Redeemer Health System) 1997 series A, issued on behalf of Holy Redeemer Health System, Inc. (HRHS). The Rating Outlook has been revised to Negative.
The 'BBB' affirmation is based largely on HRHS' solid balance sheet and liquidity, as well as diverse business lines and stable market share at its medical center. At June 30, 2004, HRHS' obligated group had $90.15 million in unrestricted cash, equating to a 92.8% cash-to-debt ratio and 133.9 days cash on hand. Additionally, HRHS' debt ...