Trinity Health, ND Revenue Bond Rating Lowered To 'BB-' from 'BB+' On Weaker Performance, Covenant Violations - S&P Global Ratings’ Credit Research

Trinity Health, ND Revenue Bond Rating Lowered To 'BB-' from 'BB+' On Weaker Performance, Covenant Violations

Trinity Health, ND Revenue Bond Rating Lowered To 'BB-' from 'BB+' On Weaker Performance, Covenant Violations - S&P Global Ratings’ Credit Research
Trinity Health, ND Revenue Bond Rating Lowered To 'BB-' from 'BB+' On Weaker Performance, Covenant Violations
Published Dec 08, 2023
2 pages (1071 words) — Published Dec 08, 2023
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

ENGLEWOOD (S&P Global Ratings) Dec. 8, 2023--S&P Global Ratings lowered its long-term rating to 'BB-' from 'BB+' on  Ward County, N.D.'s series 2017C fixed-rate revenue bonds, issued for  Trinity Health (Trinity). The outlook is negative. "The lowered rating reflects Trinity's weaker than anticipated fiscal 2023 financial performance and considerably higher than expected operating losses for the interim period in fiscal 2024 as volumes fell broadly short of budget expectations, combined with recent and anticipated technical covenant violations under the master trust indenture and an elevated debt load," said S&P Global Ratings credit analyst Wendy Taylor. The 2017C bonds are secured by gross revenue of the obligated group and a mortgage on certain hospital property. Trinity Hospitals is licensed for 312 acute-care

  
Brief Excerpt:

...December 8, 2023 ENGLEWOOD (S&P Global Ratings) Dec. 8, 2023--S&P Global Ratings lowered its long-term rating to '##-' from '##+' on Ward County, N.D.'s series 2017C fixed-rate revenue bonds, issued for Trinity Health (Trinity). The outlook is negative. "The lowered rating reflects Trinity's weaker than anticipated fiscal 2023 financial performance and considerably higher than expected operating losses for the interim period in fiscal 2024 as volumes fell broadly short of budget expectations, combined with recent and anticipated technical covenant violations under the master trust indenture and an elevated debt load," said S&P Global Ratings credit analyst Wendy Taylor. The 2017C bonds are secured by gross revenue of the obligated group and a mortgage on certain hospital property. Trinity Hospitals is licensed for 312 acute-care beds and is the only tertiary health care facility in Minot and in northwestern North Dakota....

  
Report Type:

Ratings Action

Issuer
Trinity Health
Sector
Public Finance
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Trinity Health, ND Revenue Bond Rating Lowered To 'BB-' from 'BB+' On Weaker Performance, Covenant Violations" Dec 08, 2023. Alacra Store. May 21, 2024. <http://www.alacrastore.com/s-and-p-credit-research/Trinity-Health-ND-Revenue-Bond-Rating-Lowered-To-BB-from-BB-On-Weaker-Performance-Covenant-Violations-3100708>
  
APA:
S&P Global Ratings’ Credit Research. (). Trinity Health, ND Revenue Bond Rating Lowered To 'BB-' from 'BB+' On Weaker Performance, Covenant Violations Dec 08, 2023. New York, NY: Alacra Store. Retrieved May 21, 2024 from <http://www.alacrastore.com/s-and-p-credit-research/Trinity-Health-ND-Revenue-Bond-Rating-Lowered-To-BB-from-BB-On-Weaker-Performance-Covenant-Violations-3100708>
  
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