<0> Fitch Places Columbus Regional Healthcare System (GA) Revs on Rating Watch Negative </0>
<0> Fitch RatingsPrimary AnalystEmily E. WadhwaniAssociate Director+1-312-368-3347Fitch Ratings, Inc.70 W. Madison Street, Chicago IL 60602orSecondary AnalystJames LeBuhnSenior Director+1-312-368-2059orCommittee ChairpersonEmily WongSenior Director+1-212-908-0651orMedia Relations:Elizabeth Fogerty, New York, +1 212-908-0526Email: </0>
Fitch Ratings has placed on Rating Watch Negative the following bonds, currently rated 'A-' and issued by the Medical Center Hospital Authority on behalf of Columbus Regional Healthcare System (CRHS):
--$108.7 million series 2008;
--$167.2 million series 2010.
SECURITY
The bonds are secured by a pledge of net revenues, a springing debt service reserve for the 2010 bonds, a funded debt service reserve for the 2008 bonds, and a leasehold agreement on certain obligated group property.
CREDIT PROFILE
The Rating Watch Negative reflects Fitch's concern with weaker interim fiscal 2013 financial results, coupled with the need for further clarity on several issues, which will be provided at a comprehensive rating meeting in fall of 2013. Fitch expects to meet with several new leadership team members, obtain further clarity regarding recent market area developments, review comprehensive strategic and operating plans, review the fiscal 2013 audited results, and review financial and capital forecasts during a September 2013 meeting. Given CRHS' weak financial profile for the 'A-' rating level, downward rating pressure is likely; however, Fitch will review the rating as the additional information is available and take rating action as necessary.
CRHS is a full service health care system with a total 732 licensed beds (586 beds in service) and $497 million of operating revenues (fiscal 2012) located in Columbus, GA. The system includes three acute care hospitals, one skilled nursing facility, retail pharmacies, and several joint ventures. CRHS covenants to disclose annual (within 180 days of fiscal year end) and quarterly (within 50 days of quarter end) information to the Municipal Securities Rulemaking Board's EMMA system.
Additional information is available at ''
Applicable Criteria and Related Research:
--'Revenue-Supported Rating Criteria', dated June 3, 2013;
--'Nonprofit Hospitals and Health Systems Rating Criteria', dated May 20, 2013.
Applicable Criteria and Related Research:
Revenue-Supported Rating Criteria
Nonprofit Hospitals and Health Systems Rating Criteria - Effective Aug. 12, 2011 to July 23, 2012
U.S. Nonprofit Hospitals and Health Systems Rating Criteria
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