Fitch Ratings on Monday downgraded to AA-plus from AAA its rating on $71 million of Nemours Foundation outstanding health care revenue bonds. The rating agency said the outlook is stable.
The downgrade comes ahead of the upcoming $328 million offering on behalf of Nemours by the Orange County Health Facilities Authority. The bonds are expected to price in several series late this month and in October, Fitch said. Proceeds primarily will be used to finance the construction of a 96-bed children’s hospital in Orlando.