CHICAGO - Fitch Ratings last week placed West Bend, Wis.-based SynergyHealthInc.'s BBB-minus credit on rating watch for an upgrade in recognition of its newly minted affiliation with the stronger-rated Froedtert & Community HealthInc. system, based in Wauwatosa.
The two systems last week signed a formal affiliation agreement that would add Synergy to Froedtert's obligated group, pending the approval of Synergy's bondholders who have been asked to sign off on the move and on the substitution of Synergy's master notes with a new master note from Froedtert. Bondholder approval is expected by the end of the month.