Healthcare industry

The University of New England has received a $3.5 million state award from the Maine Center for Disease Control and Prevention to help open the first college of dental medicine in northern New England.

The Internal Revenue Service has completed an audit of $60 million of hospital revenue bonds issued in 2002 by Lakeland, Fla., finding no change to the bonds’ tax-exempt status.

DALLAS - No revenue bond debt will be required to build a new $1 billion state teaching hospital in New Orleans under a revised business plan being considered Thursday by the University Medical Center Management Corp.

Fitch Ratings last week downgraded to BB-plus from BBB its rating on $80 million of facilities revenue bonds issued for Mercy Medical Center, a 337-bed teaching hospital in Canton.

LOS ANGELES - Downey Regional Medical Center, a not-for-profit hospital located in greater Los Angeles, will emerge from bankruptcy in mid-November, allowing it to close on a planned bond refunding if a bankruptcy judge approves its exit plan.

BRADENTON, Fla. - A federal bankruptcy judge in Tampa on Monday issued a final ruling in a developer's Chapter 11 filing that could have a chilling effect on owners of Florida community development district bonds, observers said.

The Michigan Legislature last week approved a bill to require public employees to contribute to their health care benefits.

CHICAGO — After a slow 2010, capital spending by nonprofit health care borrowers will likely remain low through 2015 amid a still-weak economy and the uncertain impact of the new federal health care law, according to Fitch Ratings.

Fitch Ratings has placed two sets of BB-plus rated bonds issued by the New York City Industrial Development Agency on behalf of Staten Island University Hospital on positive rating watch.

The California's Joint Legislative Audit Committee voted Wednesday to conduct an audit of the state's hospitals to see if they meet the public benefits requirements needed to maintain their tax-exempt status.

BRADENTON, Fla. — Emmet & Co. and First Manhattan Co. have filed suit against Catholic Health East and Merrill Lynch claiming that $132.26 million of escrowed bonds issued by conduit entities in three states were improperly called.

Health care veteran Jim Mitchell has rejoined Fitch Ratings as part of the business and relationship management team.

Moody's Investors Service put Western Missouri Medical Center's MIG-1 rating on $46.6 million of notes on negative watch for a possible downgrade due to a change in how the rating agency analyzes support under the U.S. Department of Agriculture's Rural Development loan program.

CHICAGO - A trio of nonprofit hospitals in the Chicago area, including the prominent Northwestern Memorial's Prentice Women's Hospital, are expected to appeal the Illinois Department of Revenue's decision earlier this week to deny them their property-tax exemptions for failing to provide sufficient charity care.

CHICAGO - Novi, Mich.-based Trinity Health Corp. received preliminary approval from the Illinois Finance Authority board this week for its planned sale of about $550 million of debt tied to its recent acquisition of Loyola University Health System in suburban Chicago.

WASHINGTON - The Internal Revenue Service has closed an audit of the Highlands County Health Facilities Authority's 2005 refunding bonds with no change to their tax-exempt status.

Standard & Poor's this week upgraded Allina Hospitals & Clinics rating one notch to AA-minus due to its strong operations.

Moody's Investors Service raised its rating on the Northwestern Medical Faculty Foundation by one notch to A1, affecting $75 million of debt, due to its increasingly close affiliation with Northwestern Memorial Hospital and Northwestern Feinberg School of Medicine and an improving fiscal position.

CHICAGO - Nonprofit health care issuers already bracing for steep government reimbursement cuts from the new federal health care law now face a new round of cuts tied to the debt-ceiling deal.

The dominoes continue to fall in Rhode Island as Moody’s Investors Service downgraded East Providence to Baa1 from A1, while on the same day it lowered to A2 from Aa3 the Rhode Island Health and Educational Building Corp.’s revenue bond financing program.