Navigation Links
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 years 2010-2014 totals approximately $1.475 billion. The plan includes infrastructure upgrades and expansion projects at Scripps Health’s various hospitals, and costs for new facilities including the Scripps Cardiovascular Institute at Scripps Memorial Hospital La Jolla; a new emergency department and critical care building at Scripps Memorial Hospital Encinitas; and the new Conrad Prebys Emergency and Trauma Center at Scripps Mercy Hospital San Diego. Other projects include construction of parking structures, seismic upgrade projects and investment in information technology upgrades.

Scripps expects capital projects for fiscal years 2010-2014 to be funded through a combination of income from operations, debt financing and philanthropy.

ABOUT SCRIPPS HEALTH
Founded in 1924 by philanthropist Ellen Browning Scripps, Scripps Health is a $2 billion nonprofit community health system based in San Diego, Calif. Scripps cares for a half-million patients annually through the dedication of 2,750 affiliated physicians and 12,700 employees. It includes four acute-care hospitals on five campuses, 19 outpatient clinics, home health care services, and an extensive ambulatory care network. Recognized as a leader in the prevention, diagnosis, and treatment of disease, Scripps is also at the forefront of clinical research and graduate medical education.

Contact: Steve Carpowich
Phone: 858-678-7183
Cell: 858-356-7476

# # #

Read the full story at http://www.prweb.com/releases/Scripps_Health_rating/hospital_revenue_bonds/prweb3548654.htm.


'/>"/>
Source: PRWeb
Copyright©2010 Vocus, Inc.
All rights reserved

Related medicine news :

1. Quality of compounded medicines supported by new standards
2. Standard Methods Miss 50% of Pharmaceutical Key Opinion Leaders
3. EPA Unveils Stricter Smog Standards
4. Few breast cancer surgeons follow quality of care standards, U-M study finds
5. 5,000 Web Sites Selling Prescription Drugs Outside of Pharmacy Laws and Practice Standards
6. Brand-New Radiology Clinic Exceeds Every Industry Performance Standard Using MedInformatix RIS
7. After Tough 2009, Improved Accountability and Consistent Insurance Industry Standards Key in 2010
8. Exposing the Double Standard of the Forgotten Cancer: Biggest Cancer Killer for Women and Men, Lung Cancer, Receives Least Research Funds
9. Edifecs Testifies Before NCVHS Standards Subcommittee Regarding HIPAA 5010 and ICD-10 Testing
10. Secure-24 and ATMP Consulting Group Launch Partnership for Private Practice Physicians to Meet IT and Electronic Medical Record Standards
11. Cleaning Up Indoor Air Quality: New Certification Standard for Cleaning Products Will Help Millions of People Make More Educated Choices
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/25/2016)... Washington, D.C. (PRWEB) , ... June 25, 2016 ... ... will discuss health policy issues and applications at AcademyHealth’s Annual Research Meeting June ... share their work on several important health care topics including advance care planning, ...
(Date:6/25/2016)... ... June 25, 2016 , ... As a lifelong Southern Californian, ... and his M.D from the David Geffen School of Medicine at UCLA. He trained ... Angeles to complete his fellowship in hematology/oncology at the UCLA-Olive View-Cedars Sinai program where ...
(Date:6/24/2016)... , ... June 24, 2016 , ... Those who have ... these feelings, many turn to unhealthy avenues, such as drug or alcohol abuse, as ... Michigan, has released tools for healthy coping following a traumatic event. , Trauma sufferers ...
(Date:6/24/2016)... ... June 24, 2016 , ... Dr. Amanda Cheng, ... treatment. Dr. Cheng has extensive experience with all areas of orthodontics, including robotic ... osteogenic orthodontics. , Micro-osteoperforation is a revolutionary adjunct to orthodontic treatment. It ...
(Date:6/24/2016)... New York, NY (PRWEB) , ... June 24, ... ... lifestyle publication Haute Living, is proud to recognize Dr. Barry M. Weintraub as ... believes that “the most beautiful women in the world, and the most handsome ...
Breaking Medicine News(10 mins):
(Date:6/26/2016)... Story Highlights: ... the health care industry is causing providers to review ... Deloitte offers a suite of solutions for health care ... cost optimization: labor resource analysis, revenue cycle optimization and ... outcomes and better economics ...
(Date:6/24/2016)... , June 24, 2016 ... has announced the addition of the " Global ... This report ... provides an updated review, including its applications in various ... total market, which includes three main industries: pharmaceutical and ...
(Date:6/24/2016)... , June 24, 2016 Research ... World Market for Companion Diagnostic Tests" report to their ... Market for Companion Diagnostics The World Market ... and personalized medicine diagnostics. Market analysis in the report includes ... Test Market (In Vitro Diagnostic Kits) by Region (N. America, ...
Breaking Medicine Technology: