Moody's Investors Service assigned a "Ba1" rating to Gainesville (Texas) Hospital District's $19.54 million of series 2017 limited tax refunding bonds.
The ratings assignment reflects a number of factors, including the district's ongoing bankruptcy developments and the transition of hospital management at Gainesville-based North Texas Medical Center from the Gainesville Hospital District to McAllen (Texas) Medical Center Physicians, a subsidiary of King of Prussia, Pa.-based Universal Health Services, among other factors.
Moody's assigned the district a developing outlook, reflecting the likelihood of a potential rating change as the district works through its bankruptcy case and finalizes its agreement with MMCP.