Morehead, N.C., Hosp. Cut to BB by Fitch

February 2005
Bond Buyer;2/3/2005, Vol. 351 Issue 32063, p2
Trade Publication
The article reports that Fitch Ratings Inc. said it has downgraded the rating on $6,440,000 of outstanding Series 1993B North Carolina Medical Care Commission revenue bonds issued for Morehead Memorial Hospital to BB from BBB-minus. In addition, the bonds have been placed on rating watch negative. The downgrade to BB reflects Morehead Memorial Hospital's weak balance sheet and significant capital needs. Ongoing risks are MMH's unfavorable service area characteristics, small medical staff. and poor revenue cycle management. The hospital's liquidity indicators are very weak.


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