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Money Talk

Anna Webster, for HealthLeaders Media, October 13, 2010
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Money Talk

Who's up and who's down 

UP
Scottsdale (AZ) Healthcare
Rating: A-
Outlook: Stable
Affected debt: $350 Million
Agency: Standard & Poor's
Remarks: S&P revised its rating from a BBB+ to an A- on Scottsdale Healthcare's revenue bonds. SH is converting its series 2006C, D, and E variable-rate demand obligations to a fixed rate. Management is considering different options for its series 2008G put bonds. The rating and stable outlook are based on SH's expanded market and revenue base.

DOWN
Ball Memorial Hospital, Muncie, IN
Rating: Baa3
Outlook: Negative
Affected debt: $103 million
Agency: Moody's Investors Service
Remarks: Moody's affirmed BMH's Baa3
rating on outstanding bonds issued by the Delaware County Hospital Authority, IN. The outlook has remained negative due to challenges in operation management, lack of cash flexibility, and the absence of a longer positive track record. The hospital would be rated below investment grade if not for its integration with Clarian Health Partners (bonds rated A2).

UP
Wheaton Franciscan Healthcare, Glendale, WI
Rating: Baa2
Outlook: Positive
Affected debt: $854.7 million
Agency: Moody's Investors Service
Remarks: Moody's revised its outlook from negative to stable on bonds issued by
Wisconsin Health and Educational Facilities Authority. The revised outlook reflects WFH's improved accountability and operation management.

DOWN
Lakewood (OH) Hospital Association
Rating: A3
Outlook: Negative
Affected debt: $16 million
Agency: Moody's Investors Service
Remarks: Moody's maintained its negative outlook on the series 2003A
bonds. The revised rating from A2 to A3 is due to operating losses and declines in
unrestricted cash.

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