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Who's up and who's down

Down
Bloomsburg Hospital, PA
Rating:
CCC
Outlook: Stable
Affected debt: $13.57
Agency: Standard and Poor's
Remarks: The hospital's long-term rating was lowered from 'B-' to a 'CCC' on Columbia County (PA) Hospital Authority's $13.57 million series 1999 healthcare revenue bonds, issued for Bloomsburg Hospital. The rating was due in part to a significant weakening of an already thin balance sheet with only 12 days cash on hand and 10% cash-to-debt as of Sept. 30, 2009.

Up
Southwest General Health Center, OH
Rating:
A1
Outlook: Stable
Affected debt: $14.84
Agency: Moody's Investors Service
Remarks: Upgraded to A1 from A2 on the long-term ratings and affirmed the VMIG 1 short-term ratings assigned to the County of Medina's Health Care Facilities Variable Rate Demand Revenue Bonds. Upon the substitution of the LOCs in December 2009, the ratings reflect the credit quality of the bank and a transaction structure that ensures timely payment of debt service and purchase price to investors.

Down
Norman Regional Health System, OK
Rating:
BB+
Outlook: Stable
Affected debt: $210 million
Agency: Standard and Poor's
Remarks: Downgraded from 'BBB' to 'BB+' on Norman Regional Hospital Authority, total long-term debt outstanding at fiscal year end on June 30, 2009, being $258.2 million. The revision reflects NRHS's 5.8% decline in patient admissions in 2009, which led to a bigger-than-expected decline in profitability.

Karen Minich-Pourshadi

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