Indiana Finance Authority Community Foundation of Northwest Indiana Obligated Group; System

S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'A+' from 'A' on the Indiana Finance Authority's series 2012 bonds and series 2007 and 2015 hospital revenue bonds. At the same time, S&P Global Ratings assigned its 'A+' long-term rating to the authority's series 2016 bonds. All bonds were issued for Community Foundation of Northwest Indiana (CFNI) Obligated Group. The outlook is stable. The rating action reflects our view of CFNI's ability to sustain strong operations. The strong operations continue to stem from overall growth in utilization statistics and the continued focus on improving the revenue cycle and cost saving initiatives. However, fiscal 2016 operations were slightly weaker than the anticipated 5% surplus (per our calculation). Although

...S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'A+' from 'A' on the Indiana Finance Authority's series 2012 bonds and series 2007 and 2015 hospital revenue bonds. At the same time, S&P Global Ratings assigned its 'A+' long-term rating to the authority's series 2016 bonds. All bonds were issued for Community Foundation of Northwest Indiana (CFNI) Obligated Group. The outlook is stable. The rating action reflects our view of CFNI's ability to sustain strong operations. The strong operations continue to stem from overall growth in utilization statistics and the continued focus on improving the revenue cycle and cost saving initiatives. However, fiscal 2016 operations were slightly weaker than the anticipated 5% surplus (per our calculation). Although the fiscal 2016 operations were softer than those of fiscal 2015, the leadership noted that fiscal 2015 results benefited from approximately $16 million of one-time events. We still believe the upgrade is warranted,...

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