Healthcare industry

Michigan's Trinity and Pennsylvania's CHE would create one of the nation's largest Catholic health care sytems spanning 21 states if their newly announced plan to merge goes ahead.

Insurer Highmark, which sued West Penn Allegheny Health System over their canceled $475 million agreement, announced a $65 million affiliation deal with Saint Vincent of Erie, Pa.

A report out this week estimates Michigan could save nearly $1 billion if it participates in the Medicaid expansion provision that is part of the new federal health care law.

Standard & Poor's last week revised its outlook to negative from stable on the Henry Ford Health System, one of Michigan's largest providers, while affirming its A rating.

Banner Health, one of the largest nonprofit hospital operators in the nation, is issuing $252 million of taxable and tax-exempt revenue bonds to expand two Phoenix-area hospitals.

Officials from Highmark and West Penn Allegheny Health System spoke with an eye toward resuming talks about a $475 million affiliation agreement.

Milwaukee-based Baird has hired Jeff Fivecoat, a long-time health care banker, for its Columbus office. Fivecoat comes from Red Capital Group and before that, OhioHealth.

Fitch dropped the outlook on Forrest County General Hospital, Miss. to negative while affirming its A rating.

West Coast nonprofit hospital chain Dignity Health, formerly Catholic Healthcare West, was downgraded ahead of plans to sell up to $500 million in taxable bonds.

Sanford Health, in South Dakota, is bringing $130 million of bonds to market next week to finance an ambitious $1.5 billion capital plan that credit analyst warn could strain the system's otherwise-strong balance sheet.

Gov. Robert Bentley said Alabama would not create a health insurance exchange plan under the federal Affordable Care Act.

On Wednesday the Nassau County Interim Finance Authority is expected to sell $313 million of triple-A rated sales tax secured bonds and the Nassau County Local Economic Assistance Corporation is scheduled to sell $132 million of revenue bonds.

Moody’s Investors Service Monday downgraded to A2 from A1 $79 million of debt issued by Northeast Ohio Medical University, and placed the rating under review for further possible downgrade.

Highmark has sued West Penn Allegheny Health for calling off their $475 million merger, calling the action a contract breach and "a flight from reality."

The IRS has closed an audit without changing the tax-exempt status of $31.23 million of health center revenue bonds that were issued by the Lebanon County Health Facilities Authority in 2005 on behalf of the Pleasant View Retirement Community Project.

Fitch Ratings upgraded to BBB-plus from BBB almost $1 billion of debt issued on behalf of Barnabas Health in New Jersey.

Cook County, Ill. officials hope that the Medicaid expansion provision in the Affordable Care Act will help reduce chronic deficits in its large public hospital system.

Holy Cross Hospital and Sinai Health System, both in Illinois, announced the signing of a letter of intent to merge in September.

Sequestration would mean $11.1 billion of Medicare cuts starting in 2013, a 2% reduction that would mean more headaches for many non-profit hospitals, especially lower-rated issuers, Fitch Ratings said in a commentary.

The National Federation of Municipal Analysts has updated its disclosure best-practices paper for issuers of hospital debt in response to market changes spurred by the financial crisis.