Bond proceeds will reimburse Union Regional for prior expenditures and take out pooled debt that has been used to advance construction. The new outpatient diagnostic and treatment center, adjacent to the hospital, includes a cancer center set to open this October. Renovation of the hospital's acute care facility is expected to reach completion in May 2003.
In assigning the rating, S&P credit analyst Martin Arrick deemed the outlook "stable." Union Regional is the sole provider in the growing county on the outskirts of Charlotte.
Arrick cites growing business volume, sound financial performance and liquidity, and strong management through a long-term contract with the Charlotte Mecklenberg Hospital Authority, which does business as Carolinas Health System. Union Regional operates under a lease with Union County, the owner of its property. The lease runs through fall of 2020.
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