The MetroHealth System, OH Revenue Bond Rating Lowered To #BBB-# From #A-# On Increased Debt

Stocks and Financial Services Press Releases Friday April 21, 2017 09:28
CHICAGO--21 Apr--S&P Global Ratings

CHICAGO (S&P Global Ratings) April 20, 2017--S&P Global Ratings lowered its long-term rating to 'BBB-' from 'A-' on Cuyahoga County, Ohio's series 2009B taxable hospital revenue bonds. In addition, S&P Global Ratings assigned its 'BBB-' long-term rating to the county's $915 million series 2017 fixed-rate bonds.

All bonds were issued for The MetroHealth System. The outlook is stable. "The rating action primarily reflects our view of MetroHealth's large capital project and the related increased pro forma debt levels from the series 2017 issuance coupled with an existing financial profile that we consider somewhat light," said S&P Global Ratings credit analyst Suzie Desai. Bond proceeds will fund most of MetroHealth's Campus Transformation Plan and capitalized interest.

The stable outlook reflects our view of MetroHealth's strong essentiality to the county, return to operating stability through interim 2017 with the implementation of several key initiatives, and unrestricted reserves that we expect will grow over time.

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information.

Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and atwww.spcapitaliq.com.
All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.

Latest Press Release

TBANK achieves strong performance in all business areas, driven by customer centricity and improved productivity

Thanachart Bank Public Company Limited reported strong third quarter results in 2017 with continuous improvement across all of its core businesses. Profit grew for an 11th consecutive quarter. "Our performance this quarter reaffirms Thanachart Bank...

MTG CUSA Trust Repo Series No.1 Prime RMBS Assigned Rating

MELBOURNE (S&P Global Ratings) Oct. 18, 2017--S&P Global Ratings today assigned its 'AAA (sf)' rating to the class A prime residential mortgage-backed securities (RMBS) issued by Perpetual Corporate Trust Ltd. as trustee of MTG CUSA Trust Repo...

China Merchants Bank#s Proposed Additional Tier-1 Offshore Preference Shares Assigned #BB-# Rating

HONG KONG (S&P Global Ratings) Oct. 18, 2017--S&P Global Ratings today assigned its 'BB-' foreign currency long-term issue rating to a proposed issuance of additional Tier-1 (AT1) non-cumulative offshore preference shares by China Merchants Bank...

Salini Impregilo Proposed Senior Unsecured Notes Assigned #BB+# Issue Rating And #4# Recovery Rating

MILAN (S&P Global Ratings) Oct. 18, 2017--S&P Global Ratings said today that it has assigned its 'BB+' issue rating to the proposed about €400 million senior unsecured notes due in 2024 to be issued by Italian construction company Salini...

Outlook On Formosa Plastics Group Core Units Revised To Positive On Decreasing Debt #BBB+# Ratings Affirmed

HONG KONG (S&P Global Ratings) Oct. 18, 2017--S&P Global Ratings said today it had revised the outlook to positive from stable on its long-term corporate credit ratings on the four core companies of the Formosa Plastics group (FP group)--Formosa...

Related Topics