Summary: Richmond Hospital Authority, Indiana Reid Hospital; Hospital

S&P Global Ratings affirmed its 'A-' long term rating on the Richmond Hospital Authority, Ind.'s $92 million series 2015A fixed-rate bonds, issued for Reid Hospital (doing business as Reid Health). The outlook is stable. The affirmation reflects Reid's dominant market share, although it is in a comparatively limited primary service area (PSA); historically robust balance sheet with very high reserves; low average age of plant; and solid maximum annual debt service (MADS) coverage. Although operations were soft through the first quarter of fiscal 2018, this is largely attributable to Reid's Epic electronic health record implementation, which went live in March 2018. Management attributes the loss to one-time costs associated with the implementation, coupled with light volumes before and during the

...S&P Global Ratings affirmed its 'A-' long term rating on the Richmond Hospital Authority, Ind.'s $92 million series 2015A fixed-rate bonds, issued for Reid Hospital (doing business as Reid Health). The outlook is stable. The affirmation reflects Reid's dominant market share, although it is in a comparatively limited primary service area (PSA); historically robust balance sheet with very high reserves; low average age of plant; and solid maximum annual debt service (MADS) coverage. Although operations were soft through the first quarter of fiscal 2018, this is largely attributable to Reid's Epic electronic health record implementation, which went live in March 2018. Management attributes the loss to one-time costs associated with the implementation, coupled with light volumes before and during the transition as physicians adjusted their schedules to better prepare for the conversion. Despite the weaker first-quarter results, we expect the hospital to end fiscal 2018 with a slight positive...

Summary