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Fitch, Standard & Poor's Upgrade Scripps Health to AA-; Scripps to Issue $220 Million in Hospital Revenue Bonds
Date:2/1/2010

Fitch Ratings and Standard & Poor’s Rating Services have upgraded Scripps Health from an A+ to a AA- rating with a stable outlook for the issuance of $220 million in California Health Facilities Finance Authority revenue bonds. Proceeds from the series 2010 revenue bonds will fund $120 million in capital projects at Scripps Health’s various patient care facilities and will reimburse Scripps Health for approximately $100 million in prior capital expenditures.

San Diego, CA (Vocus) Feb. 1, 2010 -- Fitch Ratings and Standard & Poor’s Rating Services have upgraded Scripps Health from an A+ to a AA- rating with a stable outlook for the issuance of $220 million in California Health Facilities Finance Authority revenue bonds. In addition, Scripps’ A1 rating was recently reaffirmed by Moody’s Investors Service.

Scripps Health will issue the $220 million in three series, with $120 million issued as fixed rate bonds and the remaining $100 million issued as variable rate bonds. The bond offerings are expected to close by Feb. 4, 2010.

Proceeds from the series 2010 revenue bonds will fund $120 million in capital projects at Scripps Health’s various patient care facilities and will reimburse Scripps Health for approximately $100 million in prior capital expenditures.

In issuing its upgrade, Fitch reported that “Scripps Health has maintained a strong financial profile which continues to exhibit solid operational performance, strong cash flow generation and manageable debt burden.” Standard & Poor’s noted that fiscal year 2009 marked Scripps’ “eighth consecutive year of consistent solid profitability driven by the current management team.”

Scripps Health’s capital plan for fiscal y
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Source: PRWeb
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