Mississippi Baptist Health Systems# Revenue Refunding Bonds Assigned #BBB+# Rating

Stocks and Financial Services Press Releases Wednesday February 25, 2015 08:47
DALLAS--25 Feb--Standard & Poor's

DALLAS (Standard & Poor's) Feb. 24, 2015--Standard & Poor's Ratings Servicesassigned its 'BBB+' long-term rating to Mississippi Hospital Equipment andFacilities Authority's series 2015A revenue refunding bonds, issued forMississippi Baptist Health Systems Inc. (MBHS). At the same time, Standard &Poor's affirmed its BBB+' long-term rating on MBHS' series 2007A revenuebonds. The outlook remains stable.

"The rating reflects our view of Mississippi Baptist's fragmented market,relatively constrained reimbursement environment, and history of unevenoperating results that contributed to reduced cash flow and maximum annualdebt service coverage during fiscal years 2014 and 2013," said Standard &

Poor's credit analyst Karl Propst. "While we view the system's balance sheetas sound, we believe that MBHS has more financial flexibility at 'BBB+' thanit would have at a higher rating level."
Bond proceeds will contribute to the refinancing of a $80 million series 2009five-year variable-rate bank note that expires in May 2016.

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