In January 2010, the ownership was restructured and CSAHS
became the sole corporate parent of MMC.
Both bond series were issued as variable rate debt secured by direct pay letters of credit (LOCs) and both bond series are guaranteed by CSAHS.
However, material deterioration in operating performance at SCPH or at CSAHS or in current liquidity metrics would likely result in negative rating pressure.
CSAHS is headquartered in Cleveland, OH and provides acute hospital care, elderly care, and other community support services in Ohio and South Carolina.
In May 2006, the CEO of CSAHS took over the operations at SCPH and replaced the majority of the management team including the CFO and implemented a comprehensive improvement plan.
9% of revenue of CSAHS, will continue to generate positive operating cash flow.
Fitch does not view these as a credit concern due to the oversight and guarantee of any obligations under the swap agreement by CSAHS.
CSAHS is a charitable corporation headquartered in Cleveland, OH and had total assets of $701 million in fiscal 2004.
However, through the first three months of fiscal 2002, CSAHS posted a positive net income of $4.
CSAHS is a charitable corporation headquartered in Cleveland, OH, and had total assets of $620 million in fiscal 2001.