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Article: Fitch Affirms 'BBB-' Rating for Nanticoke Health Services, Delaware's Bonds; Outlook to Stable.
- Article from:
- Biotech Week
- Article date:
- November 4, 2009
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Fitch Ratings has affirmed Delaware Health Facilities Authority's (Nanticoke Health Services Project) outstanding bonds at 'BBB-'. Fitch has also taken the rating off Rating Watch Negative and revised the Outlook to Stable (see also Fitch Ratings).
The affirmation of the 'BBB-' rating and the Stable Outlook reflect the strong operational turnaround that has occurred at Nanticoke over the last five fiscal quarters under the leadership of a new CEO and CFO. For the three-year period from fiscal 2006 to fiscal 2008 (June 30 year end), Nanticoke lost approximately $18 million on operations, averaging a -5.1% operating margin each of those years. In late fiscal 2007, ...