NEW YORK, June 23, 2008--Standard & Poor's Ratings Services assigned its 'A' rating to North Brevard County Hospital District, Fla.'s series 2008 revenue bonds, issued for Parrish Medical Center. (ltop right photo)
At the same time, Standard & Poor's affirmed its 'A' long-term rating and 'A' underlying rating (SPUR) on debt previously issued by the district for the medical center.
The rating outlook remains stable.The rating on the 160-staffed-bed acute-care facility located in Titusville, Fla., reflects a dominant and improving business position, unused taxing authority, and sovereign immunity for malpractice liability as a public entity, a sound balance sheet offset by a deliberately weak income statement and some concerns about the local economy in the medium term.
More specifically, t
he 'A' rating reflects Parrish's improved market share and inpatient volumes over the past two fiscal years; its sound balance sheet, highlighted by strong days' cash on hand, and on a pro forma basis, sound cash to debt and adequate debt to capitalization; untapped financial flexibility due to the ability of Parrish's board to institute tax-millage rate for the hospital district, although historically the board has not used this tool despite recurring operating losses; and a sound management team that works well with its medical staff to demonstrate high quality care through available measurement metrics.
he 'A' rating reflects Parrish's improved market share and inpatient volumes over the past two fiscal years; its sound balance sheet, highlighted by strong days' cash on hand, and on a pro forma basis, sound cash to debt and adequate debt to capitalization; untapped financial flexibility due to the ability of Parrish's board to institute tax-millage rate for the hospital district, although historically the board has not used this tool despite recurring operating losses; and a sound management team that works well with its medical staff to demonstrate high quality care through available measurement metrics."The stable outlook reflects Parrish's sound business position and balance sheet combined with only modest capital needs going forward," said Standard & Poor's credit analyst Martin Arrick.
Media Contact:Christopher Mortell , New York, (1) 212-438-3446
Analyst Contacts:
Martin D Arrick, New York, (1) 212-438-7963
Charlene Butterfield, New York, (1) 212-438-2741
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