The upgrade on North Carolina Medical Care Commission's bonds, issued for Community General Hospital of Thomasville (CGH), reflects the hospital's affiliation with the 'AA'-rated Novant Health Inc. (Novant). CGH merged into Novant in November 1997 and is an obligated member under Novant. A cross debt guarantee from Novant exists on the series 1990 bonds. Novant was formed in July 1997 through the merger of Carolina Medicorp, Inc. into Presbyterian Health Services Corp. Novant consists of seven hospitals with a total 1,940-licensed beds, two-free-standing ambulatory surgery centers, three-continuing-care facilities, a physician-hospital organization, HMO, and other health care-related joint ventures and organizations. Novant maintains facilities in both North and South Carolina, and Virginia. Novant posted revenues of $1.1 billion for fiscal 1997
