Maine is ready to sell a revenue bond that will go toward repaying $484 million in Medicaid debt owed to the state's 39 hospitals.
Standard & Poor's Ratings Services and Moody's Investors Service each assigned ratings to the revenue bond, which is expected to be sold next week, according to a release from Gov. Paul LePage. According to a Bangor Daily News report, hospitals are expected to receive payments by Sept. 30.
"As a result of these new bond ratings, our administration is one step closer to repaying Maine's hospitals the $484 million in welfare debt that is owed to them," said Gov. LePage. "Maine hospitals provide good jobs and are vital to the local economy. Repaying our hospitals is the right thing to do, and I am proud to deliver on my promise to finally pay off this burdensome debt."
Maine's hospitals have been clamoring to receive their Medicaid payments over the past year. The state's portion, roughly $184 million, will result in a $300 million match from the federal government.
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