Standard & Poor's Ratings Services lowered its long-term rating on $748 million in series 2007A, fixed-rate bonds issued by the Allegheny County Hospital Development Authority to "B+" from the previous "BB-," said S&P on Wednesday. The authority had issued the bonds for West Penn Allegheny Health System, whose outlook the ratings firm termed "negative." S&P said West Penn showed "diminished financial flexibility in an unsettled operating environment" and failed to meet financial expectations, citing the hospital system's substantial downsizing of West Penn Hospital in Bloomfield.
UPMC will issue $100 million in taxable bonds on its own this week after Allegheny County officials refused earlier this month to sell municipal bonds on behalf of the Pittsburgh health system, a spokesman said Monday. UPMC had asked Allegheny County's Hospital Development Authority to issue a $335 million in bond debt. But County Executive Dan Onorato pulled the request citing lack of support after UPMC refused to negotiate with Highmark Inc. on a new reimbursement contract.
The Allegheny County Council on Tuesday night approved the University of Pittsburgh Medical Center's access to county-backed bonds worth $1.2 billion, despite the efforts of Braddock residents and supporters to turn the vote into a referendum on the closure of their community hospital. UPMC was seeking the council's blessing on bonds issued through the Allegheny County Hospital Development Authority, which mostly would be used to refinance old bonds. UPMC would pay the county about $176,000 in annual fees for the bond issue, and save about $10 million a year on interest by refinancing, council members said.
Bond rating agencies Fitch and Moody's Investors Service have assigned less-than-investment-grade ratings to West Penn Allegheny Health System's upcoming $735 million bond sale. Fitch placed a "BB- " rating on the debt, to be issued by the Allegheny County Hospital Development Authority and slated to be priced the week of May 7. Fitch raised to "BB-" from "B+" its rating on West Penn Allegheny's $600 million of outstanding debt and placed the bonds on Rating Watch Positive. Moody's assigned a "Ba2" rating to the new debt, a higher rating than the "Ba3" rating on the existing debt. Both agencies praised West Penn Allegheny's financial progress since its formation seven years ago. The new debt will be used to refinance all outstanding debt, plus allow funds for needed capital improvements...
... to the approximately $327.1 million Allegheny County Hospital Development Authority series 2011A...
West Penn Allegheny Health System expects to return to profitability this fiscal year, prompting Fitch Ratings to remove the Pittsburgh-based hospital group from its watch list for imminent credit-rating cuts. Fitch affirmed its BB- rating, three levels below investment grade, on $753 million of municipal bonds issued through the Allegheny County Hospital Development Authority for West Penn in 2007. The health system's outlook remains negative, indicating a longer-term possibility of downgrade.
A county financing agency today will be asked to consider yet another bond issue for the University of Pittsburgh Medical Center, the health care giant's third such request since January. UPMC is seeking approval for some $650 million in bond funding, according to Darnell Moses of the Allegheny County Hospital Development Authority.
West Penn Allegheny Health System won approval Tuesday to sell $965 million of junk-rated, tax-exempt bonds in what would be the largest-ever offering of below investment grade debt in the U.S. municipal market. The Allegheny County Hospital Development Authority approved the financing yesterday, according to a copy of a resolution. Proceeds will be used in part to refinance all or a portion of West Penn's existing debt, according to the document.
The Allegheny County Hospital Development Authority voted unanimously Tuesday to authorize issuing as much as $650 million in tax-free bonds for the University of Pittsburgh Medical Center. UPMC Treasurer C. Talbot Heppenstall Jr. told the authority a decision about whether to float bonds in December would depend on whether interest rates are favorable. If not, he said, UPMC likely would seek interim financing and delay the bonds until next year.
Fitch Ratings on Monday said it assigned a rating of "AA-" to $335 million in bonds that UPMC wants Allegheny County to issue on its behalf. Health system UPMC has asked the county's Hospital Development Authority to issue the bonds, which UPMC would use to refinance debt and pay for ongoing construction of its hospital in Monroeville.
ver las páginas en versión mobile | web
ver las páginas en versión mobile | web
© Copyright 2012, vLex. All Rights Reserved.
Contents in vLex United States
Explore vLex
For Professionals
For Partners
Company
Other interesting searches:
consultazione | Shaw Infrastructure, Inc. | Jecinaldo Satere Mawe | rule against perpetuities questions | Ruokakesko Oy | homecenter | Angliers | principio proporcionalidad juridico | impot sur la fortune france | Día festivo
