Summary: Indiana Finance Authority Community Foundation of Northwest Indiana Obligated Group; System

S&P Global Rating raised its long-term and underlying rating (SPUR) to 'AA-' from 'A+' on the Indiana Finance Authority's hospital revenue bonds, issued for Community Foundation of Northwest Indiana Obligated Group (CFNI). The outlook is stable. The upgrade reflects our view of CFNI's continued positive operating performance, good maximum annual debt service (MADS) coverage and substantial growth in the balance sheet. The recent improvement in operations stem from recent growth in net patient revenue, new service lines, and growth in utilization. In addition, management partially attributes improvement in operations to increased reimbursement rates via the Indiana Hospital Assessment Fee program and a reduction in expenses following the elimination of their defined benefit pension plan. We anticipate CFNI will continue to

...S&P Global Rating raised its long-term and underlying rating (SPUR) to '##-' from 'A+' on the Indiana Finance Authority's hospital revenue bonds, issued for Community Foundation of Northwest Indiana Obligated Group (CFNI). The outlook is stable. The upgrade reflects our view of CFNI's continued positive operating performance, good maximum annual debt service (MADS) coverage and substantial growth in the balance sheet. The recent improvement in operations stem from recent growth in net patient revenue, new service lines, and growth in utilization. In addition, management partially attributes improvement in operations to increased reimbursement rates via the Indiana Hospital Assessment Fee program and a reduction in expenses following the elimination of their defined benefit pension plan. We anticipate CFNI will continue to yield positive operating performance given its historical track record of achieving operational goals as well as its continued focus on expense reduction and revenue generating...

Summary