Scandal-Plagued Vermont Hospital Hit With Fitch Double Downgrade

D'Ambrosio, Gillian
May 2003
Bond Buyer;5/9/2003, Vol. 344 Issue 31632, p1
Trade Publication
For more than six months, new management has been trying to right the wrongs at Fletcher Allen Health Care, the largest hospital in Vermont, which has been besieged by scandal as a result of hiding capital projects from the state and the ensuing investigation.However, the fallout from the mismanagement continues to haunt the Burlington-based hospital.It said that the scandal and ongoing investigation sparked a massive turnover in hospital leadership, including the departure of its president and chief executive officer and two other senior executives.The downgrade affected about$ 98 million of Series 2000A hospital revenue bonds, as well as$ 25.35 million of variable-rate securities issued in 1994 and$ 41.5 million of hospital revenue bonds issued in 1993.


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