Healthcare industry

Miami-Dade County commissioners Tuesday agreed to create an oversight board for the financially ailing Jackson Memorial health care system, which was overseen by an appointed board known as the Public Health Trust.

If the pending sale of two large nonprofit health care systems to for-profit entities proves a trend, it could be good news for bondholders of low-rated hospital debt, Moody’s Investors Service said in a report out this week.

DALLAS — On the heels of a Fitch Ratings downgrade, the Sisters of Charity of Leavenworth Health System plans to issue more than $1 billion of revenue bonds this week for operations in three states.

States will likely face rising costs due to federal health care reform over the long term, Moody’s Investors Service said in a report released this week.

Standard & Poor’s has revised its outlook to stable from negative on health care provider Wheaton Franciscan Services Inc.’s BBB-plus rating due to its improved operating results. The revision affects bonds issued through the Wisconsin Health and Educational Facilities Authority in 2002, 2003, and 2006.

A deal that would give Detroit an $800 million boost advanced last week when the City Council approved a measure to create a tax-free zone at the Detroit Medical Center to pave the way for a for-profit health care group to take over the hospital.

Summa Health System, one of the largest health care providers in Ohio, is set to enter the market Tuesday with $175 million of new-money bonds.

BRADENTON, Fla. — The Securities and Exchange Commission has opened an investigation into an $83.3 million bond deal that Miami-Dade County sold last year on behalf of the county’s financially ailing Public Health Trust.

Michigan would see a relatively minor impact on its fiscal position as a result of the new federal health care law, according to an analysis by the Legislature’s Senate Fiscal Agency.

CHICAGO — St. Louis-based SSM Health Care System took retail orders yesterday on $280 million of fixed-rate bonds that will be open to institutional investors today. The deal will be followed early next month with $300 million of floating-rate debt.

Moody’s Investors Service last week upgraded its rating to A3 from Baa1 on Capital Region Medical Center. The upgrade affects $36 million of outstanding debt issued through the Missouri State Health and Educational Facilities Authority.

Standard & Poor’s last week revised the outlook on Nevada Regional Medical Center’s BBB-minus rating to negative. The action affects $21.7 million of debt.

Clarian Health Partners Inc. could spend up to $500 million to build a new patient tower at its Methodist Hospital site in downtown Indianapolis. Financing would include a mix of donations, cash, and tax-exempt bonds.

The new federal health care law will likely mean less revenue for nonprofit hospitals in the long run, Moody’s Investors Service warned in a report out this week.

Fitch Ratings is considering slashing its rating on Beebe Medical Center in Lewes, Del., after a former staff pediatrician at the hospital was indicted on charges of rape and sexual exploitation.

Gov. Sonny Perdue Tuesday announced that he appointed a special attorney general, who will work for free, to direct Georgia’s participation in challenging the federal health care legislation recently passed by Congress.

Catholic Healthcare Partners of Ohio, one of the country's largest nonprofit health-care systems, on Wednesday will begin selling $450 million of fixed-rate debt, followed by $230 million of variable-rate debt early next month.

CHICAGO — Nonprofit hospitals have suffered a nearly 22% drop in pension plan median funding levels since 2007, a situation that could put further strain on the balance sheet of struggling facilities, according to a new report on pension challenges facing the sector by Standard & Poor's.

Plans to build a state hospital in midtown New Orleans with revenue bonds can go forward following a ruling by a U.S. district judge last week that the planning process complied with federal law.

CHICAGO — Henry Ford Health System could spend up to $1 billion in a massive expansion plan that would include a $500 million investment in its flagship Detroit facility, the provider said this week.