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:5/24/2016)... , ... May 24, 2016 , ... ... physical disease or injury that focuses on repairing the musculoskeletal and neuromuscular systems ... an emphasis on functional restoration, NYDNRehab began providing treatments for physical therapy in ...
(Date:5/24/2016)... ... May 24, 2016 , ... Growing in popularity, more and more ... products are available and easily accessible. Whether someone chooses to cut gluten out of ... certain diet, King Kullen Grocery stocks their shelves with many different gluten-free products all ...
(Date:5/24/2016)... (PRWEB) , ... May 24, 2016 , ... ... Peggy Kinst, a wellness specialist for forty years and a trainer for Ageless ... Sharon Kleyne Hour Radio Talk Show on May 16, 2016. , Formerly a ...
(Date:5/24/2016)... Forest Lake, Minnesota (PRWEB) , ... May 24, ... ... his 13th mission trip to the Dominican Republic on September 21, 2016. Dr. ... Biology from Northwestern, serves with ChiroMission, a not-for-profit organization promoting health and wellness ...
(Date:5/24/2016)... ... May 24, 2016 , ... ... safety signs and safety labels , has been featured in the ... Labels.” , The eiXtra e-newsletter provides electroindustry professionals with manufacturer, regulatory, and standardization ...
Breaking Medicine News(10 mins):
(Date:5/24/2016)... , May 24, 2016 ARANZ ... for the healthcare sector, has been named the Coretex Hi-Tech ... Awards 2016. Dr Bruce Davey , CEO ... our team.  It,s really good to be recognised for the ... Our products are used in 35 countries around the world ...
(Date:5/24/2016)... KONG , May 24, 2016 ... , the world , s first ... AV fistula intervention   OrbusNeich, a global ... has expanded its portfolio to include products to treat ... are the company,s first entry devices for lower limb ...
(Date:5/24/2016)... 2016 Dutch surgeons have launched a ground-breaking ... world and treat patients on a global scale. Medical professionals from ... Asia and the US have already signed up ... networking in a totally secure environment. Education  ... working together with a surgeon at Harvard to treat a bomb ...
Breaking Medicine Technology: