Money Talk

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Who's up and who's down

Up
Bon Secours Health System, Marriottsville, MD
Rating: A3
Outlook: Positive
Affected debt: $1.06 billion
Agency: Moody's Investors Service
Remarks: Outlook raised from stable because of favorable 2007 performance with a 3.3 percent operating margin. Improved debt service coverage after divestiture of Michigan and New Jersey assets.

Up
St. Joseph's/Candler Health System, Savannah, GA
Rating: Baa1
Outlook: Positive
Affected debt: $154 million
Agency: Moody's Investors Service
Remarks: Outlook raised from stable thanks to improved operating margins in both 2006 and 2007, as well as favorable demographic position in Savannah metro area.

Up
OhioHealth, Columbus, OH
Rating: AA
Outlook: Stable
Affected debt: $474.5 million
Agency: Standard & Poor's
Remarks: Upgraded from AA- because of its ability to maintain the balance sheet while investing in new revenue enhancing projects.

Down
Doylestown Hospital, Doylestown, PA
Rating: BBB+
Outlook: Stable
Affected debt: $66.1 million
Agency: Standard & Poor's
Remarks: Downgraded from A- because of concerns regarding the hospital's light financial profile for the higher rating, exacerbated by new debt issuance that will add $60 million of incremental debt.

-Philip Betbeze

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