The speculative-grade ratings on United Surgical Partners International Inc. (USPI) reflect the company's position as a mid-size competitor with limited operating history in a highly fragmented industry, an aggressive acquisition-based growth strategy, and somewhat uncertain pricing prospects. Partly offsetting these challenges are a moderate capital structure and strong operating performance. Dallas-based United Surgical owns and operates a network of 58 short-stay surgery centers and private surgical hospitals throughout the U.S., and in Spain and the United Kingdom. Prior to forming the company in 1998, management successfully operated and sold a similar company that may be viewed as a blueprint for the now firmly established outpatient surgery market. United Surgical has grown rapidly and its young asset base is still maturing...
Companies mentioned in this report are: United Surgical Partners International Inc.
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