Fitch Ratings has placed Springfield, Mo.-based CoxHealth’s A rating on negative watch due to the system’s impending new debt issuance.
The action affects more than $300 million of debt issued in 1992, 1993 and 2008 through the Missouri Health and Educational Facilities Authority.
The bonds are secured by a gross revenue pledge and a mortgage of certain property, as well as a debt-service reserve fund.
“Depending on the final size of the debt issuance and CoxHealth’s financial profile at that time, there is the potential for the rating to stay the same or go down. Fitch is scheduled to meet with CoxHealth management in late February and will review the rating at the time, taking rating action nearer to the date of bond issuance,” Fitch analysts wrote.
CoxHealth operates three hospitals in Springfield, another in Branson and a critical access hospital in Monett.