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.
Bloomberg:
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)