S&P has affirmed its "AA+" long-term rating on series 2009A, 2009B and 2013 bonds and its "AA+/A-1+" dual rating on series 2002C, 2007A-2, 2007A-4, 2008A-1, 2008A-2, 2007A-1 and 2007A-3 bonds issued on behalf of Chicago-based Northwestern Memorial HealthCare by the Illinois Finance Authority.
S&P also raised its long-term rating on series 2009 and 2009B fixed rate revenue bonds issued on behalf of Winfield, Ill.-based Central DuPage Hospital Association to "AA+" from "AA," and raised its underlying rating on series 2002 and 2003 hospital fixed rate revenue bonds issued on behalf of Geneva, Ill.-based Delnor Community Hospital. CDH and Delnor previously operated CDH-Delnor Health System, which did business as Cadence Health. The ratings were raised because Cadence joined Northwestern Memorial HealthCare in 2014.
"The ratings reflect our view of NMHC's strong operations for the first nine months of fiscal 2015," said Brian Williamson, an S&P analyst. "As a system, NMHC has smoothly transitioned Cadence Health into the operations and is currently outperforming its budget for fiscal 2015."
More articles on healthcare finance:
HRSA releases 340B Program 'mega guidance': 18 key points
9 recent hospital bankruptcies, closures
Bankrupt Georgia hospital accused of putting patients at risk