Healthcare industry

A fight over the future of a Brooklyn hospital that potentially affects SUNY Downstate Medical Center’s ability to pay its debt of $154 million recently took two more sharp legal turns, as a judge ordered Downstate to transfer ownership of the money-losing facility -- then reversed the order three days later.

Fitch placed A-plus rated bonds issued on behalf of Backus Hospital in Norwich, Conn., on watch, citing uncertainty about its agreement with Hartford HealthCare.

The University of Florida's Shands Healthcare has agreed to pay $26.2 million to settle allegations due to overpayments by Medicare and Medicaid.

A weak financial report released by Providence Health & Services, Wash., will not affect its debt rating and outlook, said analysts at Standard & Poor's.

Former Assistant U.S. Attorney Michael McCrum has been named special prosecutor to lead an investigation of Texas Gov. Rick Perry.

Presence Health in Illinois will privately place up to $215 million of bonds in a deal that restructures outstanding debt of the two Chicago area systems that joined in 2011 to form the new system.

Moody's Investors Service has put the Ba2 rating of Somerset Medical Center on review for a downgrade, affecting $80 million in outstanding debt.

Baptist Health South Florida Obligated Group has agreed to pay $597,751 to settle Internal Revenue Service alleged tax rule violations and preserve the tax-exempt status of $800 million of hospital revenue bonds issued in 2007.

Illinois Gov. Pat Quinn has announced more than $70 million in capital grant funding for 115 hospitals across the state.

Standard & Poor's has pushed Proctor Hospital's rating deeper into junk bond territory, lowering it to BB-minus from BB-plus and warning of the potential for further deterioration by assigning a negative outlook due to its poor cash position.

The prestigious Cleveland Clinic announced Wednesday it plans to team up with another Ohio health provider, marking the latest merger transforming the Ohio hospital landscape.

Dallas County's Parkland Hospital will not lose its Medicare and Medicaid funding after a second evaluation found the charity hospital in compliance with federal standards.

The Treasury Department agrees with Rep. Jim McDermott, D-Wash., that 16-year-old safe harbor provisions for tax-exempt health care bonds need to be updated so they won't conflict with health care reform.

Tucson City Council will decide on a temporary hospital tax as a match for federal reimbursement of uninsured patient care.

Vermont expects to reduce its unfunded health care liability by $150 million through a waiver plan crafted by its teachers retirement system and Treasurer Beth Pearce.

Moody's Investors Service has revised its outlook on Fairview Health Services' A3 rating to stable from negative in recognition of its improved operations.

In an action that could affect numerous transactions across the country, the Internal Revenue Service has determined that revenue bonds issued by a New Jersey authority for the Deborah Heart and Lung Center are taxable because the borrower entered into a total return swap.

The Regents of the University of California is planning to sell $665 million of fixed and variable rate medical center pooled revenue bonds.

All three major ratings agencies have downgraded Catholic Health Services of Long Island, N.Y., revenue bonds.

Illinois-based Advocate Health Care Network enters the market Thursday to raise nearly $100 million of new money for projects at three of its Chicago area hospitals.