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Article: Fitch Revises Outlook to Stable for Maria Parham Hosp (North Carolina) $49.8MM Bnds; Affs 'BB-' Rtg.
- Article from:
- Business Wire
- Article date:
- March 23, 2007
CopyrightCOPYRIGHT 2007 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Fitch Ratings has affirmed the 'BB-' rating on the approximately $49.8 million North Carolina Medical Care Commission Hospital revenue bonds (Maria Parham Hospital Project) series 2003. The Rating Outlook is revised to Stable from Negative.
The rating affirmation of 'BB-' and Rating Outlook revision to Stable are primarily supported by Maria Parham Healthcare Association, Inc.'s (Maria Parham) turnaround initiative and improving financial profile. Offsetting this improvement is Maria Parham's historical operating performance and recent violations of bond covenants. In fiscal 2005 Maria Parham violated its debt service rate covenant of 1.2 times (x) ...