TMFHSTrinity Mother Frances Hospital System (Tyler, Texas)
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TMFHS funded $70 million in capital projects in fiscal 2012 (primarily this project) and expects to spend an additional $85 million in fiscal 2013.
The Stable Outlook is supported by Fitch's expectation that TMFHS will maintain steady operating cash flow and coverage metrics in excess of 3.
TMFHS covenants to provide quarterly and annual utilization and financial information to the Municipal Securities Rulemaking Board's EMMA system.
Sustained Profitability and Liquidity: TMFHS must maintain its current levels of cash flow and liquidity through the near to medium term, to offset sizeable capital outlays.
Following weak performance in 2009, TMFHS underwent sizeable improvements in operating efficiency, which boosted its operating margin to 4.
TMFHS also received $18 million in philanthropy and has $10 million in unspent bond proceeds which will be used to finance the heart hospital project, along with an expected debt issuance later this year.
Further, TMFHS has ample liquidity against $40 million in variable-rate demand bonds (VRDBs) with 418.
If TMFHS can maintain its recent profitability results over the next several years while strengthening balance sheet metrics, positive rating pressure could result.
By adding physicians and investing in facilities and services, TMFHS is expected to continue to solidify its market presence given the area's growing and aging population.
Despite the presence of a strong competitor, East Texas Medical Center (ETMC; rated 'BBB' by Fitch), TMFHS secures a leading PSA market position as a result of its integrated delivery model, attractive facilities, good relations with health plans, and its reputation for superior clinical quality.
Located in Tyler, TX, approximately 100 miles east of Dallas, TMFHS consists of the 404-licensed-bed Mother Frances Hospital, a 200-plus physician multi-specialty clinic, a critical access hospital and other health related entities.
Located in Tyler, TX, approximately 100 miles east of Dallas, TMFHS had total revenue of $411 million in fiscal 2004.