MidMichigan Health's Series 2020A Taxable Hospital Revenue Bonds Rated 'A+' - S&P Global Ratings’ Credit Research

MidMichigan Health's Series 2020A Taxable Hospital Revenue Bonds Rated 'A+'

MidMichigan Health's Series 2020A Taxable Hospital Revenue Bonds Rated 'A+' - S&P Global Ratings’ Credit Research
MidMichigan Health's Series 2020A Taxable Hospital Revenue Bonds Rated 'A+'
Published Oct 12, 2020
2 pages (1189 words) — Published Oct 12, 2020
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About This Report

  
Abstract:

COLUMBIA (S&P Global Ratings) Oct. 12, 2020--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

  
Brief Excerpt:

...October 12, 2020 COLUMBIA (S&P Global Ratings) Oct. 12, 2020--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 (the flagship). "The 'A+' rating reflects MidMichigan's excellent balance sheet that is sufficient to absorb the additional leverage...

  
Report Type:

Ratings Action

Issuer
MidMichigan Hlth
Sector
Public Finance
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "MidMichigan Health's Series 2020A Taxable Hospital Revenue Bonds Rated 'A+'" Oct 12, 2020. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/MidMichigan-Health-s-Series-2020A-Taxable-Hospital-Revenue-Bonds-Rated-A-2532109>
  
APA:
S&P Global Ratings’ Credit Research. (). MidMichigan Health's Series 2020A Taxable Hospital Revenue Bonds Rated 'A+' Oct 12, 2020. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/MidMichigan-Health-s-Series-2020A-Taxable-Hospital-Revenue-Bonds-Rated-A-2532109>
  
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