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Charlotte-Mecklenburg Hospital Authority, NC's Series 2009 Bonds Rated 'AA-' On Strong Business Position Jul 09

  • ID: 1786354
  • July 2009
  • Standard & Poors

NEW YORK (Standard & Poor's) July 24, 2009--Standard & Poor's Ratings Services assigned its 'AA-' long-term rating to Charlotte-Mecklenburg Hospital Authority , N.C.'s $223.935 million series 2009 revenue refunding bonds, and affirmed its existing 'AA-' long-term ratings on the authority's previously issued bonds. The authority does business as Carolinas HealthCare System (CHS). Credit rating factors include adequate operating income, producing a light margin of 2.1% in 2008 and generating adequate pro forma coverage of 3.3x, and management's expectation of improvement in fiscal 2009. CHS also reports a favorable balance sheet, despite recent declines, with moderate leverage and adequate liquidity levels that are consistent with the rating, fully factoring in a foundation's unrestricted reserves and reductions in the capital spending plan....

Companies mentioned in this report are:
- Charlotte-Mecklenburg Hosp Auth

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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- Charlotte-Mecklenburg Hosp Auth

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