DALLAS – Good news for folks in Dallas. Not only are they getting delivery of a spanking new Parkland Hospital in 2014, but they’re going to pay less in taxes for it. That’s because the public health system that owns and operates the massive hospital recently received AAA credit ratings from both Fitch and Standard & Poor’s. “Parkland is the rare exception – the only AAA rated hospital in the country – public or private,” said John Dragovits, Parkland’s CFO, in a statement. Mr. Dragovits says the high rating will make it even easier for Parkland to achieve its goal of issuing $705 million of general obligation bonds to build the planned $1.27 billion replacement hospital. The plan received the approval of Dallas County voters in November. According to Mr. Dragovits, receiving the AAA rating was due to “the credit strength of Dallas County’s and Parkland’s good operating performance.” The strength and diversity of the Dallas economy, the county’s substantial tax base, Parkland’s lack of debt and positive operating margins, as well as the hospital’s strong liquidity and cash flow were all factors in achieving the high rating, according to system officials. The AAA rating also means that investors are getting one of the most secure investments in the marketplace, taking on a credit risk of almost zero. The project continues to progress toward a groundbreaking in 2010. In recent weeks, the Parkland Hospital Board of Managers hired two architectural firms, HDR Architecture and Corgan Associates, to lead the design of the future hospital campus. Just a reminder of how large the Parkland project will be, plans call for a total of 862 adult beds, a 380,000 square foot outpatient center, a 275,000 square foot office center, and parking for 6,000 vehicles.
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
Comments are closed, but trackbacks and pingbacks are open.