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2008-08-28 18:00:51

Fitch Ratings has assigned an 'AA-' underlying rating to the General Authority of Southcentral Pennsylvania's approximately $427 million revenue bonds, series 2008A and 2008B (issued on behalf of WellSpan Health). In addition, Fitch has affirmed the 'AA-' underlying rating on WellSpan Health's (WellSpan) $445 million outstanding parity bonds. The Rating Outlook is Stable. The proceeds from the series 2008 bonds will be used to redeem a $105.7 million term loan (used to purchase the...

2008-08-28 15:01:06

Fitch Ratings has assigned an underlying 'A+' rating to the expected issuance of approximately $160 million hospital revenue bonds for Martha Jefferson Hospital (MJH) to be issued through the Economic Development Authority of Albemarle County. In addition, Fitch affirms the 'A+' rating on MJH's outstanding debt. MJH is the largest subsidiary of Martha Jefferson Health Services Corporation (MJHSC), which also includes two foundations and a medical practice management company. The Rating...

2008-08-21 18:00:00

Fitch Ratings confirms its underlying 'AA' rating on the Harris County Facilities Development Corporation (Texas Children's Hospital's (TCH)) approximately $548.0 million outstanding bonds. The Rating Outlook is Stable. --$159,000,000 Harris County Health Facilities Development Corporation hospital revenue bonds (Texas Children's Hospital Issue), series 1999B-1; --$89,800,000 Harris County Health Facilities Development Corporation hospital revenue bonds (Texas Children's Hospital...

2008-08-21 15:01:07

The U.S. for-profit hospital industry recorded another strong performance during the second quarter, with minimal impact from the economic slowdown observed in the sector, according to a report by Fitch. In fact, providers reported continued favorable trends in volumes, pricing and bad debt expense. Although volume growth moderated from the first quarter when the flu season was in full effect, the industry still recorded positive admissions growth. Community Health Systems, Inc., Tenet...

2008-08-20 12:00:41

Fitch Ratings has revised the Outlooks for the U.S. Airports and Toll Roads sectors to Negative from Stable. According to the special report, 'U.S. Transportation Assets: Facing a Temporary Decline or a Permanent Change?', driving the outlook revisions are continued weakness in enplanements and toll-paying traffic that are being adversely affected by more than seven months of volatile fuel prices, economic weakness and inflationary pressures. Fitch analysts say that given continued...

2008-08-18 18:00:41

Fitch Ratings has affirmed the following ratings for Peabody Energy Corporation (NYSE: BTU): --Issuer Default Rating (IDR) at 'BB+'; --Senior unsecured notes at 'BB+'; --Senior unsecured revolving credit and term loan at 'BB+'; --Convertible junior subordinated debentures due 2066 at 'BB-'. The Outlook is Stable. The ratings reflect Peabody's large, well-diversified operations, good control of low-cost production, strong liquidity and moderate leverage. In...

2008-08-08 15:00:43

Fitch Ratings has affirmed the ratings of United States Steel Corporation (U.S. Steel) securities as follows: --Issuer Default Rating (IDR) 'BBB-'; --Senior unsecured notes 'BBB-'; --Senior unsecured revolving credit facility 'BBB-'; --Senior unsecured term loan 'BBB-'. The Rating Outlook for is stable. Fitch's ratings reflect U.S. Steel's relatively strong balance sheet and the strategic advantages associated with acquisitions made in 2007: U.S. Steel acquired...

2008-08-07 18:01:53

Fitch Ratings has downgraded approximately $41 million of New Jersey Health Care Facilities Financing Authority revenue bonds issued on behalf of Palisades Medical Center, Inc (PMC). The obligated group (Palisades) consists of PMC and Palisades General Care, Inc. (PGC), which includes the Harborage, a nursing home adjacent to the hospital. The Rating Outlook is revised to Stable from Negative. The downgrade to 'BB+' reflects flat utilization trends and several years of increasing...

2008-07-28 12:01:01

MORGAN KEEGAN CUTS WACHOVIA TO UNDERPERFORM FROM MARKET PERFORM Morgan Keegan analyst Robert Patten says Wachovia (WB) shares are up 73% since July 15, compared to 32% for KBW Bank index and currently trade at 1.3 times TBV [before open]. Patten believes investors have become overly optimistic too soon, following comments that WB does not need to raise common equity. He believes it is too early -- given the significant credit challenges ahead for WB management -- to make that call. He...

2008-07-28 12:01:00

Sempra Energy's announced purchase of EnergySouth, Inc. (ENSI, not rated by Fitch) has no ratings impact on SRE or its subsidiaries, according to Fitch Ratings. Fitch expects SRE to use new parent-level debt to finance the acquisition. The transaction is expected to close by year-end 2008. Fitch currently rates SRE as follows: --IDR 'A'; --Rating Outlook Stable. Adding the EnergySouth assets will not change SRE's operating risk profile. The gas storage assets provide...


Word of the Day
call-note
  • The call or cry of a bird or other animal to its mate or its young.
'Call-note' is newer than 'bird-call,' which originally referred to 'an instrument for imitating the note of birds' but now also refers to 'the song or cry of a bird.'
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