Summary: Colorado Health Facilites Authority Valley View Hospital; Hospital

S&P Global Ratings assigned its 'A' long-term rating to the Colorado Health Facilities Authority's series 2022 revenue refunding bonds, issued for Valley View Hospital (VVH). The outlook is stable. Gross revenue of the hospital secures the series 2022 bonds. Proceeds from the series 2022 bonds of approximately $50 million will advance refund all VVH's series 2018 bonds, which are callable later in 2022. This issuance will eliminate renewal risk and capture a long-term capital commitment, while slightly reducing maximum annual debt service (MADS). No new debt is being contemplated as part of this issuance. Also, as part of this issuance, we expect VVH to modify certain terms in its master trust indenture for additional operating flexibility. Most notably, we expect

...S&P Global Ratings assigned its 'A' long-term rating to the Colorado Health Facilities Authority's series 2022 revenue refunding bonds, issued for Valley View Hospital (VVH). The outlook is stable. Gross revenue of the hospital secures the series 2022 bonds. Proceeds from the series 2022 bonds of approximately $50 million will advance refund all VVH's series 2018 bonds, which are callable later in 2022. This issuance will eliminate renewal risk and capture a long-term capital commitment, while slightly reducing maximum annual debt service (MADS). No new debt is being contemplated as part of this issuance. Also, as part of this issuance, we expect VVH to modify certain terms in its master trust indenture for additional operating flexibility. Most notably, we expect VVH to change its MADS coverage covenant such that if historical coverage is below 1.1x, a consultant must be retained, and if coverage is below 1.0x for two consecutive years it is considered an event of default. Additionally,...

Summary