Michigan State Hospital Financing Authority MidMichigan Health; System Aug 11
Standard & Poors, August 2011
Abstract
Standard & Poor's Ratings Services has affirmed its 'A+' long-term rating and underlying rating (SPUR) on the Michigan State Hospital Financing Authority's $5 million insured series 2009A bonds, $23.9 million series 2002A revenue bonds, and $28.2 million series 1997A revenue bonds issued for MidMichigan Health. Standard & Poor's also affirmed its 'A+' long-term rating on the uninsured $79.6 million series 2009A bonds and $82.6 million series 2006A bonds. The outlook is stable. Operating performance rebounded in fiscal 2011 from a very small operating gain in fiscal 2010 (fiscal 2010 results were depressed by $9.9 million of nonrecurring costs). Despite the rebound, operating earnings remain approximately half the levels of three to four years ago, due largely to decreased patient volume...
Companies mentioned in this report are: MidMichigan Hlth,Michigan St Hosp Fin Auth
Action: Affirmed
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
MidMichigan Hlth,Michigan St Hosp Fin Auth
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