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Healthcare Credit Ratings Dip Amid M&A Binge

By: Alex Kacik with contributions from Eb LeMaster (Modern Healthcare online) Merger and acquisition activity is weighing on healthcare companies’ credit ratings, according to a new report. Fitch Ratings maintained a positive outlook for the industry given the solid underlying demand for healthcare products and services, particularly as the population ages. But it notes there … Continued

Augusta University Health System Series 2018 Tax-Exempt Fixed Rate Bonds

$80,945,000 Series 2018 Tax-Exempt Fixed Rate Bonds About Augusta University Health System Augusta University Health System (“AUHS”) was organized to achieve joint coordination and strategic planning among Augusta University, AU Medical Center, Inc. (“AUMC”), AU Medical Associates, Inc., Roosevelt Warm Springs Rehabilitation & Specialty Hospitals, Inc., and other affiliated health system entities. Originally built in … Continued

Parkview Health System Series 2017A Revenue & Refunding Bonds

Borrower Overview PHS is a physician-led regionally integrated health care delivery system providing services to 15 counties in northeast Indiana and northwest Ohio. PHS has a combined 898 licensed beds and generates over $1.5 billion in annual revenues. PHS is a network of nine hospitals with the flag ship facility located on the northwest side … Continued

End of LIBOR Part 1

What you need to know before LIBOR disappears – Impact on Swaps and Variable Rate Debt The History The LIBOR scandal that emerged in 2008 highlighted a crucial flaw in the setting of LIBOR rates. Without enough direct trades from which to draw, some traders responsible for setting the rates via daily submissions were actually … Continued

Challenges in Public and Private Variable Rate Debt

Currently, there is a dislocation between SIFMA resets and its theoretical relationship with 1 month LIBOR Pre-2008 financial crisis, SIFMA reset between 60% and 70% of 1mL The current SIFMA / 1 month LIBOR ratio is approximately 86% Impact on SIFMA market is primarily a function of the decrease in demand due to Money Market … Continued