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Union Links Resurrection Rating Downgrades to Poor Management
Date:5/30/2008

Moody's, Standard and Poor's and Fitch Ratings all take action; outlook negative

CHICAGO, May 30 /PRNewswire-USNewswire/ -- On May 27 and May 28, two major bond rating agencies, Fitch Ratings and Standard and Poor's, respectively, downgraded the debt of Resurrection Health Care citing declining patient census, consistently poor operating performance and management/governance shortcomings.

Fitch Ratings downgraded from 'A' to 'A-' the ratings on Resurrection Health Care's $643.5 million of outstanding bonds and reaffirmed its negative outlook for the company. Fitch cited the weak management/governance practices of the company as a factor in the downgrading.

"Resurrection Health Care's continued decline in the bond market is indicative of a managerial failure to develop a positive vision and program for the system's future," said Henry Bayer, executive director of the American Federation of State, County and Municipal Employees (AFSCME) Council 31. AFSCME is working with Resurrection employees who are seeking to form a union.

"One of the most glaring examples of Resurrection's insular management style is its uncompromising refusal to engage in any form of dialogue with its employees who are seeking a greater voice in the decisions affecting their working lives," Bayer said.

Standard and Poor's said its downgrade "reflects continued sizeable operating losses at Westlake and West Suburban hospitals, which began in 2007, and overall system volume declines -- both of which have resulted in significant system losses, including excess losses, that are much greater than budget through the first nine months of interim 2008."

On April 1, 2008 Moody's Investors Service placed Resurrection on its Watchlist for possible downgrade. Moody's stated that RHC "is reporting declining utilization measures across inpatient and outpatient services at each of its acute care facilities."

Fitch Ratings also cited the decline of inpatien
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SOURCE HEART/AFSCME
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