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.

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