The rating on Connecticut Health and Education Facilities Authority's bonds, issued for Hospital for Special Care (HSC), reflects: Unique chronic disease and intensive rehabilitation services, Strong demand, and Adequate liquidity. Offsetting factors include: Weakened operating performance, Vulnerable payor mix, and High debt. The bonds are secured by a gross revenue pledge. The 200-bed hospital provides highly unique long-term supportive care for chronically ill and physically disabled individuals throughout the state. Statewide competition in the specialized rehabilitation services niche is minimal due to both the broad and complex level of care provided by HSC and favorable state support. HSC benefits from an excellent clinical reputation, attractive facilities, and good relations with referral hospitals. These factors contributed to HSC's strong demand in
