California Hospital To Double Debt To Finance Mandated Earthquake Improvements
Bloomberg reports that Loma Linda University Medical Center is planning a record $883-million junk-bond sale. In other industry news, Kaweah Delta Medical Center receives a top safety mark from The Leapfrog Group's ratings.
Record Municipal Junk Bond For Hospital Set As Market Draws Cash
The need to protect against earthquakes is about to jolt the municipal junk-bond market from its slumber. California’s Loma Linda University Medical Center on Wednesday is planning the biggest speculative grade, tax-exempt health-care deal since at least 1990, according to data compiled by Bloomberg. The $883 million sale will finance an expansion and overhaul to comply with the state’s seismic safety requirements, a project that will double the center’s debt and triggered a fall from investment grade last year. (Varghese, 4/26)
The Fresno Bee:
Kaweah Delta Earns An A For Hospital Safety
Kaweah Delta Medical Center has earned its third consecutive A, the top grade for patient safety, in a hospital score released Monday. The score rates how well hospitals protect patients from accidents, errors and injuries, plus also considers patient satisfaction. (4/25)