Category Archives: BREAKING NEWS

Rating service says outlook ‘negative’ for Vidant

1a6a092b-2f5c-4301-9705-6f99fce503a7Moody’s Investor Service

NEW YORK CITY — Moody’s Investors Service assigned an A1 rating to Vidant Health’s $278 million Health Care Facilities Revenue Series 2015 Bonds to be issued by the North Carolina Medical Care Commission. The final maturity of the bonds is 2045. The rating service also affirmed an A1 rating for Vidant’s outstanding, previously issued debt.

The outlook for Vidant has been revised to negative from stable.

SUMMARY RATING RATIONALE

The A1 rating is attributable to Vidant’s strong market share across multiple counties in eastern North Carolina, its status as a regional referral center for the area, and stable operating performance.

These strengths are offset by the large increase in debt outstanding, resulting in high balance sheet leverage, particularly when considering the unfunded pension liability, and expectations of low organic revenue growth and challenging demographics in the service area.

OUTLOOK

Revision in the outlook to negative reflects our expectation that balance sheet leverage will remain high for several years, and that operating cash flow growth will be minimal, resulting in a slow de-leveraging of the balance sheet.

Editor’s note: Vidant, with headquarters in Greenville, operates eight hospitals and numerous related medical facilities throughout eastern North Carolina. The bonds described above will be used to 1) construct a new cancer hospital, 2) provide $39 million reimbursement for prior capital expenditures, and 3) pay the costs issuing the bonds.

Two arrested in Oriental bank heist

First court date set for this Friday

Pamlico County Sheriff’s Office

***Immediate Release***

arrest

On 12-02-2013 at approximately 4:02 p.m. hours an armed robbery occurred at the First Citizen Bank located at 409 Broad St. in Oriental NC, 28571.

Two black males wearing dark colored clothing entered the branch and demanded money from the employees at gun point. One suspects had a handgun, silver in color handgun and red sunglasses on.

The two suspects fled the scene on foot with over $30,000.00 in cash.

There were three employees and one customer inside the branch at the time of the robbery.

On 12-08-2013 at approximately 12:15 a.m. Thomas Cuthbertson Jr., age 23 of New Bern NC, was arrested in Craven County on unrelated charges.

On 12-12-2013 at approximately 4:30 p.m. David King, age 23 of New Bern NC, was arrested in Nash County on unrelated charges.

Cuthbertson and King were formally charged with Robbery with a Dangerous Weapon on 12-13-2013, by the Pamlico County Sheriffs’ Office, for the Robbery that occurred on 12-02-2013 at the First Citizens’ Bank in Oriental NC.

King’s received a $100,000.00 Secured Bond by a Nash County Magistrate.
Cuthbertson’s received $50,000.00 Secured Bond by a Craven County Magistrate.

Cuthbertson and King have a first appearance, for these charges, in Pamlico County District Court on 12-20-2013