Bon Secours Mercy Health, MD 2020A Bonds Rated 'A+'; Outlook Stable

NEW YORK (S&P Global Ratings) April 1, 2020--S&P Global Ratings assigned its 'A+' rating to the following bonds all issued for or by Bon Secours Mercy Health (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, acquire a minority interest in a joint venture

...April 1, 2020 NEW YORK (S&P Global Ratings) April 1, 2020--S&P Global Ratings assigned its 'A+' rating to the following bonds all issued for or by Bon Secours Mercy Health (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, acquire a minority 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...

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