Tampa (Fla.) General Hospital posted a hefty 10.2% operating profit in 2002, signaling a recovery from the financial difficulties that followed its 1997 privatization, according to Moody's Investors Service. The hospital, which staffs up to 750 beds, reported non-investment revenue of $530.9 million. Moody's upgraded the facility to Baa1 from Baa2. Tampa General plans to issue $202 million in bonds April 28. About half of the proceeds will go toward an expansion project, with the remainder refunding existing debt and providing a debt-service reserve fund. Tampa General posted a 1.7% operating margin in 2001, and operating losses in the two previous years. The rating agency attributed the improvement to several strategies including price increases that were executed under President and CEO Ron Hytoff, who took over in February 2000 following the departure of Bruce Siege
Tampa General upgraded by Moody's
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