Reid Health, IN Series 2022 Revenue Bonds Rated ?A-?; Outlook Is Stable

CENTENNIAL (S&P Global Ratings) July 12, 2022--S&P Global Ratings assigned its 'A-' long-term rating to the Indiana Finance Authority's $100 million series 2022 fixed-rate revenue bonds, issued for Reid Hospital (doing business as Reid Health). At the same time, we affirmed our 'A-' rating on the Richmond Hospital Authority, Ind.'s series 2015A bonds, also issued for Reid Health. The outlook is stable. The bonds are secured by a pledge of the gross revenues of Reid Health, and on parity with existing debt obligations. Proceeds from the debt issuance will be used to finance the construction of a new 177,000-square-foot ambulatory care facility to replace the Reid Health Connersville facility (acquired in 2019 and formerly known as Fayette Regional Health System).

...July 12, 2022 CENTENNIAL (S&P Global Ratings) July 12, 2022--S&P Global Ratings assigned its 'A-' long-term rating to the Indiana Finance Authority's $100 million series 2022 fixed-rate revenue bonds, issued for Reid Hospital (doing business as Reid Health). At the same time, we affirmed our 'A-' rating on the Richmond Hospital Authority, Ind.'s series 2015A bonds, also issued for Reid Health. The outlook is stable. The bonds are secured by a pledge of the gross revenues of Reid Health, and on parity with existing debt obligations. Proceeds from the debt issuance will be used to finance the construction of a new 177,000-square-foot ambulatory care facility to replace the Reid Health Connersville facility (acquired in 2019 and formerly known as Fayette Regional Health System). "The rating reflects Reid's dominant market share, although the hospital operates in a comparatively limited primary service area, solid maximum annual debt service coverage, strong days' cash on hand, and low average...

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