CHANNELS

Subscribe to the InfoTech eNewsletter

infoTECH News

TMCNet:  Fitch Places Elkhart General Hospital (IN) Rev Bonds on Rating Watch Positive

[January 23, 2013]

Fitch Places Elkhart General Hospital (IN) Rev Bonds on Rating Watch Positive

CHICAGO --(Business Wire)--

Fitch Ratings has placed the following bonds, currently rated 'A+' by Fitch, issued by Elkhart County Hospital Authority, IN on behalf of Elkhart General Hospital on Rating Watch Positive:

--$38.9 million fixed-rate revenue bonds, series 1998;

--$45.5 million variable rate revenue refunding bonds, series 2008.

The Rating Watch Positive reflects the substitution of security on the bonds due to an executed affiliation agreement with Memorial Health System of South Bend (rated 'AA-'; Outlook Stable (MHS)). Effective Dec. 1, 2011, Beacon Health System became the sole corporate member of MHS and EGH. Beacon, MHS and EGH are the obligated group members on the outstanding debt for the organization. It is expected that the outstanding debt issues for EGH and MHS will be refinanced by a debt issuance by Beacon within the next three to four months. Fitch will evaluate the creditworthiness of Beacon Health at the time of the financing.

EGH is a 365-licensed (270-available) bed community hospital located in Elkhart, IN. In fiscal 2011 (year-ended Dec. 31), EGH generated $232.6 million of total revenues.

MHS is a 526-licensed bed level 2 trauma center located in South Bend, IN (approximately 15 miles west of EGH). In fiscal 2011, MHS generated $455.8 million of total revenues.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Revenue-Supported Rating Criteria', dated June 12, 2012;

--'Nonprofit Hospitals and Health Systems Rating Criteria', dated July 23, 2012.

Applicable Criteria and Related Research:

Revenue-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm rpt_id=681015

Nonprofit Hospitals and Health Systems Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm rpt_id=683418

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON (News - Alert) THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.


[ InfoTech Spotlight's Homepage ]


blog comments powered by Disqus

FOLLOW US

Subscribe to InfoTECH Spotlight eNews

InfoTECH Spotlight eNews delivers the latest news impacting technology in the IT industry each week. Sign up to receive FREE breaking news today!
FREE eNewsletter