GSRNGlobal Service Relation Number
GSRNGolden State Rewards Network (horseracing; California)
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LEADING MARKET SHARE: GSRN has consistently held the leading market share position in its service area for acute inpatient rehabilitation and long-term acute care services.
GSRN, headquartered in Allentown, PA, provides inpatient and outpatient rehabilitation services in a variety of locations including three inpatient rehabilitation facilities, two inpatient rehabilitation facility management contracts, 27 outpatient sites, a long-term acute care hospital and two long-term skilled nursing facilities that service severely disabled residents.
The Outlook revision to stable from positive reflects material weakening in GSRN's interim-period operating profitability that is expected to continue through fiscal 2017.
Concerns related to the compressed interim-period profitability are currently offset by GSRN's strong liquidity metrics, which provide significant financial cushion and supplements cash flow with investment income.
GSRN's strong liquidity metrics are a key credit strength.
GSRN is in the process of updating its capital plans.
GSRN's pro forma debt burden remains high with pro forma MADS equal to 5.5% of fiscal 2015 operating revenue, relative to Fitch's 'A' category median of 2.8%.
The high debt burden and compressed interim-period coverage are currently mitigated by GSRN's strong liquidity metrics.
GSRN holds leading market share positions in both adult acute inpatient rehabilitation and adult LTAC services equal to 53% and 92%, respectively, in its primary service area (PSA).
LVHN has historically accounted for a significant portion of GSRN's inpatient admissions at its Allentown campus.
Credit concerns include GSRN's single-specialty focus and the resulting increased vulnerability to changes in reimbursement and regulations.