Money Talk

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Who's up and who's down

Down
Cabell Huntington Hospital, Huntington, WV
Rating:
Baa1
Outlook: Negative
Affected debt: $134 million
Agency: Moody's Investors Service
Remarks: Outlook revised to negative based on several years of declining operating measures combined with increased leverage.

Up
Baptist Health System, Knoxville, TN
Rating:
A1
Outlook: Negative
Affected debt: $135 million
Agency: Moody's Investors Service
Remarks: Upgraded from Baa2 based solely on amendments to the legal documents by which Catholic Healthcare Partners has assumed the system's obligations.

Down
FirstHealth of the Carolinas, Pinehurst, NC
Rating:
AA-
Outlook: Stable
Affected debt: $151.5 million
Agency: Standard & Poor's
Remarks: Downgrade from AA based on concerns regarding the issuance of an estimated $95 million in additional debt over the next four months.

Up
Franciscan Missionaries of Our Lady Health System, Baton Rouge, LA
Rating:
Aaa
Outlook: Stable
Affected debt: $50 million
Agency: Moody's Investors Service
Remarks: Upgraded from A1 in conjunction with the conversion of its bonds from auction-rate mode to daily rate mode, and the delivery of an irrevocable letter of credit from JPMorgan Chase Bank.

Philip Betbeze

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