Bangkok--22 Jun--Standard & Poor's
Standard & Poor's Ratings Services raised its long-term and underlying rating (SPUR) to 'BBB+' from 'BBB-' on Jefferson County Public Hospital District No. 2, Wash.'s outstanding general obligation (GO) debt, issued on behalf of Jefferson General Hospital. The outlook is stable.
"The raised rating reflects our view of the hospital's strengthening balance sheet as well as its good volume and revenue growth," said Standard & Poor's credit analyst Geraldine Poon. "Further supporting the rating is the hospital's critical access designation, which results in cost-basis reimbursement."
Port Townsend is located on the Olympic Peninsula across Puget Sound from Seattle. The city is approximately 44 miles by road and a 30-minute ferry ride from Seattle. Port Townsend, the largest city in Jefferson County ('AA-/Stable' GO rating), has a stable population of 9,351.
The district operates Jefferson General Hospital, which is located in Port Townsend ('A+/Stable' GO rating), and serves as the health care provider for the region. Its services include a 24-hour emergency room, labor/delivery, nursery, surgical, radiology, physical therapy, and cardiac rehabilitation. The hospital increasingly serves the community through outpatient clinics.
RELATED CRITERIA AND RESEARCH
USPF Criteria: Tax-Secured Hospital Debt, May 3, 2007
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Media Contact:
Ana Sandoval, New York (1) 212-438-5095,
[email protected]
Analyst Contacts:
Geraldine Poon, San Francisco (1) 415-371-5078
Chris Morgan, San Francisco (1) 415-371-5032
Key Contacts:
Americas Media Relations: (1) 212-438-6667
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Americas Customer Service: (1) 212-438-7280
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