Standard & Poor's Ratings Services affirmed its 'A+' long-term rating and 'A+' underlying rating (SPUR) on Maryland Health & Higher Educational Facilities Authority's series 1993 and 2001 bonds, issued for Greater Baltimore Medical Center (GBMC). The ratings reflect our view of GBMC's: Liquidity, with $174 million of unrestricted cash and investments on Sept. 30, 2010, equal to 143 days' cash on hand and 152% of long-term debt; Solid business position in a favorable suburban market with a large employed-physician base, although market share has shown small declines in recent years; Consistently positive operating margins, with fiscal 2010 representing the tenth positive year in a row for operations, although the 1.1% operating margin and 2.7% excess margin achieved in fiscal 2010...
Companies mentioned in this report are:
- Greater Baltimore Med Ctr
- Maryland Hlth & Hgr Ed Facs Auth
Action: Outlook: Stable
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