The rating affirmation affected approximately $123.8 million of rated debt issued to the medical center by the Maryland Health and Higher Educational Facilities Authority.
A number of PRMC’s strengths were considered for the rating affirmation, such as its dominant market share. The hospital holds 70 percent market share of its primary service area and over 37 percent of total service area.
The rating affirmation and outlook revision was also supported by the hospital’s marked operating improvement in the fiscal year ending June 30, 2014, following an operating loss in FY 2013.
PRMC also faces some challenges, such as its weak revenue growth, modest market share loss and increased capital spending.
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