Franciscan Missionaries of Our Lady Health System, Louisiana; System

S&P Global Ratings assigned its 'A' long-term rating to Franciscan Missionaries of Our Lady Health System (FMOLHS), La.'s $260.0 million series 2019 taxable revenue bonds. At the same time, S&P Global Ratings affirmed its 'A' long-term rating and underlying rating (SPUR), where applicable, on FMOLHS' outstanding debt. The outlook is stable. The series 2019 bonds include $150 million of new money, to be used for various capital projects across the system, including approximately $50 million to be reimbursed to FMOLHS' balance sheet for capital spending already completed. The remaining $110 million will be used to refinance the system's series 2012B bonds, although we understand this portion of the transaction is dependent on market conditions. The ratings reflect our view of

...S&P Global Ratings assigned its 'A' long-term rating to Franciscan Missionaries of Our Lady Health System (FMOLHS), La.'s $260.0 million series 2019 taxable revenue bonds. At the same time, S&P Global Ratings affirmed its 'A' long-term rating and underlying rating (SPUR), where applicable, on FMOLHS' outstanding debt. The outlook is stable. The series 2019 bonds include $150 million of new money, to be used for various capital projects across the system, including approximately $50 million to be reimbursed to FMOLHS' balance sheet for capital spending already completed. The remaining $110 million will be used to refinance the system's series 2012B bonds, although we understand this portion of the transaction is dependent on market conditions. The ratings reflect our view of FMOLHS' three-year trend of improving operations, driven by increased supplemental funding at some of its smaller facilities and ongoing focus on revenue growth and careful expense management. The ratings further incorporate...

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