Marin Health, CA Planned $100 Million Fixed-Rate Bonds Assigned 'BBB' Rating

SAN FRANCISCO (S&P Global Ratings) April 21, 2023--S&P Global Ratings assigned its 'BBB' long-term rating to Marin General Hospital, Calif.'s (Marin or the hospital) $100 million series 2023 taxable fixed-rate bonds. The outlook is stable. "Our 'BBB' rating already incorporates Marin's underlying weak financial position, including weaker reserves and a vulnerable debt profile marked by a high debt burden and leverage," said S&P Global Ratings credit analyst Aamna Shah. "While we expect Marin's pro forma debt burden and leverage will increase slightly following this issuance, we do not view it as material," Ms. Shah added. The series 2023 bond proceeds will be used to fund Marin's pension to reduce premiums ($17 million-$18 million) and the remainder will be used to

...April 21, 2023 SAN FRANCISCO (S&P Global Ratings) April 21, 2023--S&P Global Ratings assigned its '###' long-term rating to Marin General Hospital, Calif.'s (Marin or the hospital) $100 million series 2023 taxable fixed-rate bonds. The outlook is stable. "Our '###' rating already incorporates Marin's underlying weak financial position, including weaker reserves and a vulnerable debt profile marked by a high debt burden and leverage," said S&P Global Ratings credit analyst Aamna Shah. "While we expect Marin's pro forma debt burden and leverage will increase slightly following this issuance, we do not view it as material," Ms. Shah added. The series 2023 bond proceeds will be used to fund Marin's pension to reduce premiums ($17 million-$18 million) and the remainder will be used to bolster balance sheet liquidity and days' cash on hand. The rating specifically reflects our view of Marin's: Robust economic fundamentals; - Consistent philanthropic support from the community as well as tax-supported...

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