Not-for-profit healthcare

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.

The bond trustee for the city of Nevada, Missouri-owned Nevada Regional Medical Center declared its bonds to be in default.

Fitch Ratings recently downgraded Marshfield Clinic Health System, a nonprofit group of 11 hospitals in central Wisconsin, to BBB from BBB-plus.

Providing care for thousands of migrants is contributing to the system's escalating uncompensated care costs.

Altadena, California-based Episcopal Communities & Services for Seniors was able to sell bonds through a treasurer's conduit thanks to the new state law.

Bonds issued through the Westchester County Local Development Corp. will create a centralized base for the nonprofit's blood distribution and lab operations.

Bonds used to buy eight senior living properties in Michigan and Ohio are likely to default within six months, S&P Global Ratings said.

Medford, Oregon-based Asante Health enters 2024 with negative outlooks from Fitch and S&P as it works to complete expansion projects amid industry headwinds.

The deal includes $300 million of new money to embark on a $1.4 billion five-year capital plan.

The rating agency expects that an uptick in revenues will outpace expenses as the not-for-profit hospital industry gets a handle on labor costs.

Record-breaking hot temperatures in the Southwest this summer likely had economic consequences and could focus the municipal bond market on heat-related credit risks and infrastructure needs.

M. Elizabeth Walker and Jerimi J. Ullom have joined law firm Barnes & Thornburg's Indianpolis office as healthcare and public finance partners.