Summary: Montgomery County Higher Education&Health Authority, Pennsylvania Holy Redeemer Health System; Hospital - S&P Global Ratings’ Credit Research

Summary: Montgomery County Higher Education&Health Authority, Pennsylvania Holy Redeemer Health System; Hospital

Summary: Montgomery County Higher Education&Health Authority, Pennsylvania Holy Redeemer Health System; Hospital - S&P Global Ratings’ Credit Research
Summary: Montgomery County Higher Education&Health Authority, Pennsylvania Holy Redeemer Health System; Hospital
Published Jul 16, 2024
5 pages (2080 words) — Published Jul 16, 2024
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About This Report

  
Abstract:

S&P Global Ratings lowered its long-term rating to 'B+' from 'BB' on Montgomery County Higher Education&Health Authority, Pa.'s revenue bonds, issued for Holy Redeemer Health System (d/b/a Redeemer Health [RH]). The outlook is negative. The two-notch downgrade reflects RH's multiyear trend of operating losses that are significantly above budget and a concurrent deterioration of balance sheet-related metrics to levels that we consider to be in line with those of 'B+' rated stand-alone hospital-based health systems. The downgrade also reflects our expectation that RH will not meet its master trust indenture (MTI) covenant requirement of 1.1x debt service coverage (DSC) for the obligated group in fiscal 2024, which will require a consultant call-in. Securing the bonds is a gross

  
Brief Excerpt:

...+ S&P Global Ratings lowered its long-term rating to 'B+' from '##' on Montgomery County Higher Education & Health Authority, Pa.'s revenue bonds, issued for Holy Redeemer Health System (d/b/a Redeemer Health [RH]). + The outlook is negative. + The two-notch downgrade reflects RH's multiyear trend of operating losses that are significantly above budget and a concurrent deterioration of balance sheet-related metrics to levels that we consider to be in line with those of 'B+' rated stand-alone hospital-based health systems. + The downgrade also reflects our expectation that RH will not meet its master trust indenture (MTI) covenant requirement of 1.1x debt service coverage (DSC) for the obligated group in fiscal 2024, which will require a consultant call-in....

  
Report Type:

Summary

Issuer
Holy Redeemer Health System
Sector
Global Issuers, Public Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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MLA:
S&P Global Ratings’ Credit Research. "Summary: Montgomery County Higher Education&Health Authority, Pennsylvania Holy Redeemer Health System; Hospital" Jul 16, 2024. Alacra Store. Nov 05, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Montgomery-County-Higher-Education-Health-Authority-Pennsylvania-Holy-Redeemer-Health-System-Hospital-3214862>
  
APA:
S&P Global Ratings’ Credit Research. (). Summary: Montgomery County Higher Education&Health Authority, Pennsylvania Holy Redeemer Health System; Hospital Jul 16, 2024. New York, NY: Alacra Store. Retrieved Nov 05, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Montgomery-County-Higher-Education-Health-Authority-Pennsylvania-Holy-Redeemer-Health-System-Hospital-3214862>
  
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