"The rating action reflects our view of the district's fiscal 2010 operating loss and decreased cash on hand as a result of a recent renovation project," said Standard & Poor's credit analyst Chris Morgan.
The negative outlook reflects our view that over the next two years operations could produce additional deficits, despite the district's critical-access designation and property tax revenues available for operations, and that patient volumes and utilization could be strained due to the limited nature of the facilities as well as the uncertainty surrounding a new management team.
RELATED CRITERIA AND RESEARCH
USPF Criteria: Tax-Secured Hospital Debt, May 3, 2007
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Media Contact:
Ola Fadahunsi, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Chris Morgan, San Francisco (1) 415-371-5032
Jessica Matsumori, San Francisco (1) 415-371-5083