S&P Global Ratings assigned its 'A+' long-term rating to MidMichigan Health's (MidMichigan) series 2020A taxable hospital revenue bonds. At the same time, S&P Global Ratings affirmed its existing 'A+' rating on MidMichigan's existing debt. The outlook is stable. A majority of the series 2020 bonds are being used to refinance MidMichigan's series 2014 bonds for interest cost savings. While a portion of the $125 million in new taxable bond proceeds will be used to fund anticipated capital projects, the majority will be deposited into a general corporate purpose fund and will further fortify MidMichigan's healthy liquidity positon. A gross receivables pledge of the obligated group secures the bonds. The obligated group includes MidMichigan Health (the parent) and MidMichigan Medical Center-Midland
