Louisville Medical Center Laundry, KY Revenue Bond Rating Lowered To #A-#

Stocks and Financial Services Press Releases Wednesday February 25, 2015 08:45
SAN FRANCISCO--25 Feb--Standard & Poor's

SAN FRANCISCO (Standard & Poor's) Feb. 24, 2015--Standard & Poor's RatingsServices lowered its long-term rating to 'A-' from 'A' on Louisville &Jefferson County Metro Government, Ky.'s $3 million series 2012 fixed-ratelaundry revenue refunding bonds issued for Louisville Medical Center Laundry(LMC). The outlook is stable.

"The downgrade follows the application of our multiple revenue streamcriteria," said Standard & Poor's credit analyst Robert Dobbins. "The 'A-'rating reflects our long-term rating on Norton Healthcare, which is the lowestrated member of the pool. In our view, Norton's operating losses in fiscalyears 2012 and 2013 and its additional debt (Norton issued a series 2013) havecontinued to pressure certain key metrics such as coverage, cash to debt, andleverage," added Mr. Dobbins.

The bonds are supported by a pool of revenue streams from user institutionsthat use a share of the laundry services provided by Louisville MedicalCenter. The rating reflects the credit quality of the weakest institution inthe pool.


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