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

S&P Global Ratings affirmed its 'A+' long-term rating and underlying rating (SPUR) on the Indiana Finance Authority's hospital revenue bonds, issued for Community Foundation of Northwest Indiana Obligated Group (CFNI). The outlook is stable. The rating reflects our view of CFNI's ability to sustain strong operations, good maximum annual debt service (MADS) coverage, and substantial growth in the balance sheet. Strong operations stem from the recent growth in net patient revenue, expansion in outpatient business as well as CFNI's continued focus on expense reductions and revenue-cycle initiatives. Although operations look softer in fiscals 2016 and 2017 compared to fiscal 2015, management indicated that its fiscal 2015 operations were stronger as CFNI benefitted from approximately $16 million of one-time events. In

...S&P Global Ratings affirmed its 'A+' long-term rating and underlying rating (SPUR) on the Indiana Finance Authority's hospital revenue bonds, issued for Community Foundation of Northwest Indiana Obligated Group (CFNI). The outlook is stable. The rating reflects our view of CFNI's ability to sustain strong operations, good maximum annual debt service (MADS) coverage, and substantial growth in the balance sheet. Strong operations stem from the recent growth in net patient revenue, expansion in outpatient business as well as CFNI's continued focus on expense reductions and revenue-cycle initiatives. Although operations look softer in fiscals 2016 and 2017 compared to fiscal 2015, management indicated that its fiscal 2015 operations were stronger as CFNI benefitted from approximately $16 million of one-time events. In October 2017, CFNI issued $60 million in taxable, new money private placement bonds with Fifth Third Bank. Proceeds will be used to extinguish CFNIs unfunded pension liability...

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