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Hospitals on credit watch; North Oakland Medical Center, POH face possible downgrade.(Brief Article)(Statistical Data Included)
Crain's Detroit Business, October, 2000 by Barkholz, David
Two of Pontiac's three major hospitals face possible credit downgrades as they struggle with operating losses. North Oakland Medical Center and POH Medical Center each has had its credit placed on a watch for possible downgrade by the major New York City-based bond agencies that rate hospital debt risk.
North Oakland Medical Center has been placed on CreditWatch by the New York City-based Standard & Poor's bond-rating agency in light of a $16.2 million net loss in 1999 and a declining cash position. Adding to its difficulties, McLaren Health Care Corp. in Flint earlier this year called off merger talks with North Oakland Medical Center, citing the hospital's inability to negotiate a buyout of a 30-year lease with the City of Pontiac. North Oakland, the...
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