Not-for-profit healthcare

Existing California law requires hospitals to be fully operational after a large earthquake by 2030. The Senate has passed a bill to extend the deadline.

The system, trustee and bondholders of about $992 million in debt are supporting an exchange of "substantially all" existing bonds, a disclosure statement said.

Falling occupancy figures, staffing shortages, and rising labor costs have elevated the sector's risk, with Greenwich Investment Management's bankruptcy yet another example of how the sector requires thorough credit analysis.

S&P Global Ratings revised the outlook on bonds issued for the University of Chicago Medical Center to negative from stable.

The Mayo Clinic is undertaking a $5 billion expansion that may bring new debt as it reconstructs its core Rochester, Minnesota campus.

Duluth-based St. Luke's affiliation with Aspirus Inc. has lifted the prospects for its speculative-grade bonds; S&P placed the hospital on CreditWatch positive.

Municipal Market Analytics reports the most technical defaults in 2023 since it started tracking them, including 24 in the not-for-profit hospital sector.

The bankruptcy of Iowa City's Mercy Hospital is closer to an end with the resolution of a dispute between unsecured creditors and the trustee and bondholder.

Escalating costs led University of Utah Health to seek a doubling of its bonding authority from the state legislature for a medical campus project.

After two auctions, Mercy Hospital, a nonprofit hospital in Iowa City, was sold, but bondholders' recovery will hinge on the Chapter 11 liquidation process.