CHICAGO - Standard & Poor's raised Wisconsin-based Bellin Health's rating by one level to A-plus ahead of its upcoming $45 million refunding issue.
The bonds being sold through the Wisconsin Health and Educational Facilities Authority will refund 2008 debt. Bellin operates three hospitals in the Green Bay area including Bellin Memorial Health.
"The rating action is based on the application of our U.S. not-for-profit acute care stand-along hospital criteria published Dec. 15, 2014," said analyst Brian Williamson.
"With the application of the criteria, we view Bellin's financial profile as very strong and its enterprise profile as strong," he wrote.
"The stable outlook reflects our anticipation that Bellin will maintain its financial and enterprise profiles during the outlook period," Williamson added.
Moody's Investors Service affirmed its A2 rating and stable outlook on a total amount of $63 million in debt. The rating reflects the hospital's record of profitable operating margins and improved liquidity and debt coverage ratios.
"These favorable attributes are balanced by the degree of competition that Bellin faces in the Green Bay area, cash on hand that remains somewhat modest at the rating level, and exposure to significant operating leases," Moody's added.
