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Fitch Reports on Mt. Clemens General Hospital (Michigan) Late Audit; Maintains Rating Watch Evolving.

Publication: Business Wire
Publication Date: 01-JUN-06 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
NEW YORK -- Mount Clemens General Hospital (MCGH) is not compliant with bond documents that require disclosure of its fiscal 2005 audit (year ended Dec. 31) by May 30, 2006. Because a letter of credit (LOC) extension and financial covenant waivers from a majority of bondholders have not been received, the audit cannot be released with an unqualified audit opinion. Management has indicated that MCGH will receive an LOC extension and waiver by June 30. After the...

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