Costlier credit may delay Michigan hospitals’ construction projects

Many Michigan health systems are likely to delay new construction projects that pour jobs and money into their communities, in a fallout from Wall Street's credit crunch. Faced with paying higher interest rates on bonds that help finance hospital projects and refinance costly older bond debt, some Michigan health systems are holding off on debt-refinancing plans until they see more stability in municipal bond markets. Others worry that losses on their investments may stall needed renovations and technology purchases.