The rating assigned to North Carolina Medical Care Commission's bonds, issued for Pitt County Memorial Hospital, reflects market dominance, service essentiality, and a strong financial profile that offsets risks surrounding an aggressive and debt funded strategic plan. The 'AA-' rating is affirmed on outstanding series 1995 bonds, although proceeds are expected to refund this issue at closing. Later this year, $84 million series 1998B bonds will likely be issued to purchase Heritage Hospital from Columbia/HCA Healthcare Corp. and that debt is also factored into this rating. Pitt is the largest and only tertiary provider for 29 counties serving 1.2 million people in eastern North Carolina. The hospital enjoys an 87% market share in its primary service area, a 24% share
