Richmond Hospital Authority, Indiana Reid Hospital; Hospital

S&P Global Ratings lowered its long term rating to 'A-' from 'A' on the Richmond Hospital Authority, Ind.'s $90.2 million series 2015A fixed-rate bonds, issued on behalf of Reid Hospital (doing business as Reid Health). The outlook is stable. We assessed Reid's enterprise profile as adequate, characterized by a dominant market share, although it is in a comparatively limited primary service area (PSA), and its financial profile as strong with very high reserves, low average age of plant, and still sufficient debt service coverage (DSC). The financial profile is under additional pressure with Reid's most recent debt issuance, and weaker operations in fiscal 2015, although fiscal 2016 year-to-date shows improvement. It is our opinion that these credit factors now lead

...S&P Global Ratings lowered its long term rating to 'A-' from 'A' on the Richmond Hospital Authority, Ind.'s $90.2 million series 2015A fixed-rate bonds, issued on behalf of Reid Hospital (doing business as Reid Health). The outlook is stable. We assessed Reid's enterprise profile as adequate, characterized by a dominant market share, although it is in a comparatively limited primary service area (PSA), and its financial profile as strong with very high reserves, low average age of plant, and still sufficient debt service coverage (DSC). The financial profile is under additional pressure with Reid's most recent debt issuance, and weaker operations in fiscal 2015, although fiscal 2016 year-to-date shows improvement. It is our opinion that these credit factors now lead to an indicative and final rating of 'A-'. The lower rating reflects our assessment of Reid's:...

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