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Standard & Poor’s last week downgraded North Country Health Services’ debt to BBB-plus from A due to poor operating results. The action affects $13.3 million of debt sold in 2006 through the city of Bemidji and $37 million of debt sold in 2002.
February 18 -
CHICAGO - St. Louis-based Ascension Health today will remarket $570 million of weekly variable-rate bonds as fixed-rate debt in the first of three planned mode conversions over the next month.
February 18
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The University of Minnesota’s plans for a new $275 million children’s hospital received a boost last week with the announcement of a $50 million gift.
February 18 -
CHICAGO - Wisconsin-based Froedtert & Community Health closes today on its $189 million refunding of variable-rate revenue bonds that shed the old debt's insurance from downgraded Ambac Assurance Corp. in favor of a letter of credit from U.S. Bank NA.
February 18 -
A bankruptcy judge last week approved the use of state grant money to defease $21.6 million of outstanding bonds issued by the Dormitory Authority of the State of New York on behalf of bankrupt Victory Memorial Hospital in Brooklyn. The authority expects to defease the bonds on Aug. 1.
February 17 -
New Jersey's largest health care entity, Saint Barnabas Health Care System, is in technical default on $768 million of debt issued through the New Jersey Health Care Facilities Financing Authority due to shrinking liquidity.
February 13 -
Standard & Poor’s Friday revised the outlook on the University of Medicine and Dentistry of New Jersey to stable from negative and affirmed its BBB rating on the credit.
February 13 -
WASHINGTON - Growing mark-to-market liabilities for interest rate swaps are posing credit risks that could result in downgrades for some not-for-profit hospitals, higher education institutions, and other nonprofit borrowers, Moody's Investors Service warned in a report issued yesterday.
February 12 -
BRADENTON, Fla. - Municipal bond issuance in the Southeast last year took the largest tumble of any region in the country. Volume fell in all four quarters of 2008 as the credit crunch worsened and - as one financial adviser put it - the rules kept changing.
February 12
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CHICAGO - Wisconsin Gov. Jim Doyle and legislative leaders yesterday announced measures to trim about $700 million from the state's $5.7 billion, three-year budget deficit through spending cuts, a hospital assessment program that leverages more federal funds, and other maneuvers.
February 12 -
CHICAGO - A pair of recent surveys show that nearly half of nonprofit hospitals have postponed or significantly cut back on their capital budgets in light of economic woes, including increased difficulty in accessing the bond market.
February 12 -
BRADENTON, Fla. - Facing a deficit that could run $1 billion or more, Tennessee Gov. Phil Bredesen Monday night told lawmakers he would delay submitting his budget until Congress passes an economic stimulus bill that's projected to bring the state more than $3 billion.
February 11 -
The University of Chicago Medical Center this week announced 450 layoffs of non-physician positions as part of a restructuring aimed at trimming $100 million in costs.
February 11 -
CHICAGO - A flood of refundings by Midwestern issuers looking to shed auction-rate securities and variable-rate bonds backed by downgraded insurers in the second quarter of 2008 couldn't compensate for a steep fourth-quarter drop-off in borrowing amid the economic and market turmoil of last fall.
February 11 -
Michigan’s hospitals are on the “brink of fiscal crisis,” a new report by the Michigan Health and Hospital Association says.
February 11 -
CHICAGO - Chicago-based BMO Capital Markets, the investment banking arm of the Bank of Montreal, has hired veteran Chicago-based banker Brian McGough to launch a public finance health care business.
February 10 -
The Montana Facility Finance Authority is appealing an Internal Revenue Service proposed adverse determination that concluded the interest earned from $14.15 million of variable-rate demand revenue bonds it issued to finance an expansion of a nursing home would be taxable.
February 9 -
Standard & Poor’s downgraded Sherman Health’s credit two notches to BBB from A-minus due to greater-than-expected operating losses in fiscal 2008 and fiscal 2009.
February 4 -
Standard & Poor’s last week revised its outlook on Ministry Health Care Inc.’s A-plus credit to negative from stable due to weak debt coverage levels, in a review prompted by the provider’s $120 million new issue.
February 4 -
The Rhode Island House is expected to vote today to require legislative oversight on a Medicaid waiver that went into effect last month.
February 3
