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

Cheng Shin Rubber Ind. Co. Ltd. Outlook Revised To Negative On Weaker Profitability, Rising Rating Affirmed

TAIPEI (S&P Global Ratings) Dec. 18, 2017--S&P Global Ratings said today it had revised its rating outlook on Cheng Shin Rubber Ind. Co. Ltd. (CST) to negative from stable. At the same time, we affirmed the 'BBB-' long-term corporate credit...

Mitsubishi Motors Corp. Upgraded To #BB# On Improved Internal Outlook Positive

TOKYO (S&P Global Ratings) Dec. 18, 2017--S&P Global Ratings today said it has raised its long-term corporate credit rating on Japan-based automaker Mitsubishi Motors Corp. one notch to 'BB' from 'BB-'. The outlook is positive. We base the...

Bendigo and Adelaide Bank Ltd. Long-Term Rating On Senior Unsecured Program Corrected To #BBB+#

MELBOURNE (S&P Global Ratings) Dec. 18, 2017--S&P Global Ratings today said it has corrected its long-term rating on Bendigo and Adelaide Bank Ltd.'s (BEN; BBB+/Stable/A-2) A$7.5 billion senior unsecured medium-term note program. We corrected the...

Domestic economy continues to bolster investor confidence, while investors keep an eye on international capital flows. December Investor Confidence Index falls into bullish territory.

Dr. Santi Kiranand, representative of the Federation of Thai Capital Market Organizations (FETCO), commented on the monthly FETCO Investor Confidence Index (ICI) for December 2017: "The Investor Confidence Index for the next 3 months decreased slightly,...

SMALLER FIRMS TURN TO SUSTAINABILITY FOR GROWTH AND INVESTMENT

Almost a third (30%) of smaller companies[1] consider having a sustainable impact on the community and environment as one of their top three long-term objectives, data from HSBC Commercial Banking shows. Indonesia (43%), UAE/Saudi Arabia (36%) and...

Related Topics