Standard & Poor's Ratings Services said it raised its underlying rating on North Carolina Medical Care Commission's series 1999 insured health care facility revenue bonds issued for Scotland Memorial Hospital to BBB-plus from BBB.
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The outlook is stable.
"The upgrade reflects dramatically improved operating performance in fiscal 2014 and fiscal 2015 year to date due primarily to management's complete restructuring of Scotland's expense base," said Standard & Poor's credit analyst Cynthia Keller. "Although management plans to borrow a total of $6 million in capital lease financing by the end of this year, we believe that, due to its extremely low debt levels, Scotland can accommodate the additional debt at this higher rating level."
