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Article Excerpt
For-profits' credit scores lagging
Not-for-profit hospitals are "looking hale and hearty,'' while "the for-profit sector could soon be heading to the emergency room,'' according to a new report by Standard & Poor's examining the credit quality gap between the two sectors. The not-for-profits, which make up approximately 85% of the nation's nearly 5,000 hospitals, have some inherent advantages that play "a considerable role in their far superior ratings distribution,'' the credit-rating agency said. Those advantages include their tax-exempt status and balance sheet strength, their ability to do fundraising and garner community support, and lack of equity investors. Meanwhile, investor influence in financial policy has resulted in "a large degradation in financial profiles,'' leading to a far worse credit outlook for the for-profits. "Because of the greater emphasis on growth and return on equity in order to satisfy...
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