From the press release:
Asheville, N.C., Feb. 2, 2012 – Mission Health announced today that Fitch Ratings, one of the four major rating agencies in the country, affirmed their rating of ‘AA’ on approximately $325 million revenue bonds issued by the NC Medical Care Commission Health System on behalf of Mission Health. Fitch has also affirmed Mission’s Rating Outlook as Stable.
Fitch’s stated rationale for Mission’s ‘AA’ rating is its solid profitability, excellent liquidity, significant market share, and effective management practices. With the appointment of Dr. Ronald A. Paulus as Mission Health’s CEO in 2010, the health system has garnered top quality indicators, implemented various cost controls, and aligned the physician staff with market recruitment needs, making Mission Health a leading health care provider.
Over time, Mission Health has consistently delivered strong profitability, enabling it to build a strong balance sheet and maintain strong liquidity and leverage positions. The Stable Outlook reflects Fitch’s expectation that Mission Health will continue to experience strong profitability, generate solid levels of unrestricted cash and maintain its leading market position in western North Carolina.
“The affirmation of Mission Health’s ‘AA’ rating is a strong testament to our strategic direction and excellent financial performance,” said Charles Ayscue, Chief Financial Officer of Mission Health. “Mission Health has maintained the ‘AA’ rating since 1998 and is well positioned for continued success as one of the top health systems in the country.”
About Mission Health
Mission Health, based in Asheville, NC, is the state’s sixth largest health system and the tertiary care regional referral center for Western NC and the adjoining region. In 2012, Mission Health was named by Thomson Reuters as one of the top 15 health systems in the nation – the only health system in North Carolina to receive this recognition.
Founded in 1885, Mission Health is a not-for-profit, independent community hospital system that operates four hospitals, numerous out-patient and surgery centers, and the region’s only dedicated Level II trauma center. Its medical staff consists of more than 750 physicians, and is certified in over 50 medical specialties and sub-specialties. Centers of excellence include heart, stroke care and neurosciences, and pediatrics. Mission Hospital, the system’s flagship hospital, is licensed for 730 beds and is the busiest surgical hospital in North Carolina. Other Mission
hospitals include Blue Ridge Regional Hospital in Spruce Pine, McDowell Hospital in Marion, and Mission Children’s Hospital in Asheville.
With nearly 6,000 employees and 700 volunteers, Mission Health is dedicated to serving and improving the health and wellness of the people of Western North Carolina.