Holy Redeemer Health System, PA Bond Rating Cut One Notch To 'BB+'; Outlook Stable - S&P Global Ratings’ Credit Research

Holy Redeemer Health System, PA Bond Rating Cut One Notch To 'BB+'; Outlook Stable

Holy Redeemer Health System, PA Bond Rating Cut One Notch To 'BB+'; Outlook Stable - S&P Global Ratings’ Credit Research
Holy Redeemer Health System, PA Bond Rating Cut One Notch To 'BB+'; Outlook Stable
Published Aug 01, 2022
2 pages (1250 words) — Published Aug 01, 2022
Price US$ 150.00  |  Buy this Report Now

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Abstract:

AUGUSTA (S&P Global Ratings) Aug. 1, 2022--S&P Global Ratings lowered its long-term rating on the Montgomery County Higher Education&Health Authority, Pa.'s revenue bonds, issued for Holy Redeemer Health System (d/b/a Redeemer Health [RH]) to 'BB+' from 'BBB-'. The outlook is stable. "The downgrade reflects Holy Redeemer's persistent operating losses that have dramatically accelerated year to date and limited balance-sheet growth even with recent limited investment in capital and periods of strong investment returns," said S&P Global Ratings credit analyst Cynthia Keller. Securing the bonds is a gross receipts pledge from the obligated group and a mortgage on Holy Redeemer Hospital. The obligated group consists of RH (Holy Redeemer Hospital, Holy Redeemer St. Joseph Manor, Holy Redeemer Lafayette, Holy

  
Brief Excerpt:

...August 1, 2022 AUGUSTA (S&P Global Ratings) Aug. 1, 2022--S&P Global Ratings lowered its long-term rating on the Montgomery County Higher Education & Health Authority, Pa.'s revenue bonds, issued for Holy Redeemer Health System (d/b/a Redeemer Health [RH]) to '##+' from '###-'. The outlook is stable. "The downgrade reflects Holy Redeemer's persistent operating losses that have dramatically accelerated year to date and limited balance-sheet growth even with recent limited investment in capital and periods of strong investment returns," said S&P Global Ratings credit analyst Cynthia Keller. Securing the bonds is a gross receipts pledge from the obligated group and a mortgage on Holy Redeemer Hospital. The obligated group consists of RH (Holy Redeemer Hospital, Holy Redeemer St. Joseph Manor, Holy Redeemer Lafayette, Holy Redeemer Home Care--Pennsylvania, and Holy Redeemer Support at Home) and Holy Redeemer Physician Services. RH's negative operating performance is below expectations and there...

  
Report Type:

Ratings Action

Issuer
Holy Redeemer Health System
Sector
Global Issuers, Public Finance
Country
United States
Region
United States
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Holy Redeemer Health System, PA Bond Rating Cut One Notch To 'BB+'; Outlook Stable" Aug 01, 2022. Alacra Store. Nov 05, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Holy-Redeemer-Health-System-PA-Bond-Rating-Cut-One-Notch-To-BB-Outlook-Stable-2873762>
  
APA:
S&P Global Ratings’ Credit Research. (). Holy Redeemer Health System, PA Bond Rating Cut One Notch To 'BB+'; Outlook Stable Aug 01, 2022. New York, NY: Alacra Store. Retrieved Nov 05, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Holy-Redeemer-Health-System-PA-Bond-Rating-Cut-One-Notch-To-BB-Outlook-Stable-2873762>
  
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