Standard & Poor’s Monday lowered its rating for Valley Health System hospital revenue bonds to C from B-minus following the public hospital district’s Chapter 9 bankruptcy filing last week. The outlook is negative. The Hemet-based district filed for bankruptcy after voters rejected plans to sell its three hospitals to a private operator. Standard & Poor’s noted that the system has suffered through several years of operating losses that accelerated in the last two years.Fitch Ratings downgraded Valley Health to CCC in late September and placed it on negative watch.
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The competitive sale comes as the market prepares for a very New York-heavy week next week in the primary.
10h ago -
"We, the city of Philadelphia proper, we can't do it alone," Parker said in a keynote address at The Bond Buyer Infrastructure conference Tuesday. "We are grateful to our state and our federal partners, as well as the bond market."
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For municipals, Wednesday "marks a crucial step forward, perfectly aligned with the current risk landscape," said James Pruskowski, chief investment officer for 16Rock Asset Management.
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The Republican presidential nominee reverses course on his own policy
September 18 -
"It's great people are thinking about creative solutions, but don't forget the rules still apply," said the SEC's Dave Sanchez.
September 18 -
Up to $182 million of bonds will be issued by a city of Frisco entity to renovate Toyota Stadium, home to Major League Soccer's FC Dallas.
September 18