WEEK IN REVIEW.

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  • Source:
    Crain's Detroit Business. 11/15/2004, Vol. 20 Issue 46, p34-34. 1/2p. 1 Black and White Photograph.
  • Additional Information
    • Subject Terms:
      CREDIT ratings; ECONOMIC activity; HOSPITALS; BONDS (Finance); AUDITING; FITCH Ratings Ltd.
    • Abstract:
      The article informs that Fitch Ratings Inc., last week downgraded Mt. Clemens General Hospital's bond rating to BB, or junk status, from BBB- because of operating losses. Fitch kept the bonds on rating watch negative because the hospital has delayed the release of its audit. The downgrade affects about $83 million in revenue bonds issued through the County of Macomb Hospital Finance Authority. Fitch said it expects the hospital's profitability to improve based on such favorable indicators as a 27 percent market share in its primary service area and financial management improvements the hospital made before the strike.