THR ratings outlook is downgraded - Dallas Business Journal:

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Moody’s said the outlook on the hospital system’s debt was change to “negative” from “stable.” The company's debt outstandingy is currently assessedat $1.064e billion. Moody’s says the outlook downgrade is the result of thehospitalk system’s lower performance in fiscal 2008 and its drop in liquidity. In the Moody’s elaborates saying: “Lower than expectesd results inFY (fiscal year) 2008 as cash to debt fell to 91 percengt and days cash to 165 days, from a bettee 112 percent and 221 days in FY 2007; management expects some improvement in thess ratios with the reduction in capital in FY 2009 and bette r financial years.
” Other challenges for the hospitak system going forward, according to Moody’s report, includw the fact that THR's debt coverage weakened to 4.34 timeds debt to cash flow and the presencd of competing health care systemsa in the Dallas-Fort Worth area. Some of the hospital system's advantagesw include an improvement in financial performance for the first five months of the presence of hospitals in areas thatare well-insureds with a favorable payer mix and the fact that the compan has a leading market share in the Dallas-Fort Worth area, Moody's Besides the hospitals it owns, THR also has four hospitalx that are joint ventures with physicians.
The join ventures have been profitable and have growmn as a percentage of net patientgservice revenue, the report said. THR is the controllingh owner in all fourjoint