Henry Mayo Newhall Hospital, CA Revenue Outlook Revised To Negative From Stable On Weaker Operating Performance

Stocks and Financial Services Press Releases Wednesday March 28, 2018 10:10
SAN FRANCISCO--28 Mar--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) March 27, 2018-- S&P Global Ratings revised its outlook to negative and affirmed its 'BBB-' rating on Henry Mayo Newhall Hospital (Henry Mayo), Calif.'s $110 million series 2017 revenue bonds and $70 million series 2014 revenue bonds, issued by the California Public Finance Agency and California Statewide Communities Development Authority.

"The outlook revision reflects our view of Henry Mayo's vulnerable financial profile, more specifically, its weakened operating performance in fiscal 2017, although it rebounded through the four month interim period ended Jan. 31, 2018," said S&P Global Ratings credit analyst Melanie Her. "We view any weaknesses in financial performance during a period where Henry Mayo is undertaking on a large multi-year construction project brings additional risk to the already challenged balance sheet and financial profile," Ms. Her added.

Henry Mayo is a 238-bed acute-care hospital that provides a broad range of services and is located in the community of Valencia in the city of Santa Clarita, about 35 miles northwest of Los Angeles.

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.capitaliq.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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