McLeod Regional Medical Center, Florence, S.C., restated 2003 financial results, causing a 59% income drop, according to Standard & Poor's, which said the restatement won't affect its A rating. McLeod, which operates three hospitals, reclassified certain investment gains as unrealized, lowering excess income to $8.9 million from $21.8 million, S&P said. Operating revenue was $451.2 million for the fiscal year, which ended Sept. 30, 2003. McLeod's $256 million debt includes upcoming bond sales this month of $122 million, part of which will fund an $82 million expansion. Its rating was lowered from A-minus in March to reflect diminished liquidity as a result of the anticipated new debt and a $15.9 million federal settlement of physician kickback allegations, S&P said. -- by Mary Chris Jaklevic
Restatement won't affect McLeod's rating: S&P
Send us a letter
Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.
Recommended for You