Bon Secours Mercy Health Inc., Maryland; CP; Joint Criteria; System

S&P Global Ratings assigned its 'A+' rating to the following bonds all issued for or by Bon Secours Mercy Health Inc. (BSMH), Md.: $97.7 million series 2020A tax exempt fixed rate bonds issued by Allen County, Ohio; $345.1 million series 2020A tax exempt fixed rate bonds issued by the South Carolina Jobs Economic Development Authority; $216.1 million series 2020A tax exempt fixed rate bonds issued by the Virginia Small Business Financing Authority; and $380.5 million series 2020A taxable fixed rate debt. Bond proceeds will be used to refinance series 2015B floating rate notes, repay $700 million in bridge loan financings used to buy hospital assets in Virginia and acquire a majority interest in a joint venture in South Carolina and

...S&P Global Ratings assigned its 'A+' rating to the following bonds all issued for or by Bon Secours Mercy Health Inc. (BSMH), Md.: + $97.7 million series 2020A tax exempt fixed rate bonds issued by Allen County, Ohio; + $345.1 million series 2020A tax exempt fixed rate bonds issued by the South Carolina Jobs Economic Development Authority; + $216.1 million series 2020A tax exempt fixed rate bonds issued by the Virginia Small Business Financing Authority; and + $380.5 million series 2020A taxable fixed rate debt. Bond proceeds will be used to refinance series 2015B floating rate notes, repay $700 million in bridge loan financings used to buy hospital assets in Virginia and acquire a majority interest in a joint venture in South Carolina and finance $250 million of various operating and capital needs. The taxable proceeds will be held on the balance sheet post financing as unrestricted reserves. The outlook on all long-term assigned and affirmed ratings is stable. At the same time we affirmed...

Full Report