TEXT-Fitch places CoxHealth, Mo. revs on rating watch negative
Jan 31 - Fitch Ratings has placed on Rating Watch Negative the following bonds, currently rated 'A' and issued by the Missouri Health and Educational Facilities Authority on behalf of CoxHealth: -- $158,990,000 fixed-rate revenue and refunding bonds, series 2008A; -- $70,000,000 variable-rate revenue and refunding bonds, series 2008B; -- $35,000,000 health facilities revenue bonds, series 2008C; -- $12,600,000 fixed-rate revenue bonds, series 1992H; -- $29,900,000 fixed-rate revenue bonds, series 1993I. SECURITY Gross revenue pledge from CoxHealth, a mortgage of certain property, and a debt service reserve fund. CREDIT PROFILE The Rating Watch Negative reflects an expected debt issuance from CoxHealth within the next two months. Depending on the final size of the debt issuance and CoxHealth's financial profile at that time, there is the potential for the rating to stay the same or go down. Fitch is scheduled to meet with CoxHealth management in late February and will review the rating at the time, taking rating action nearer to the date of bond issuance. Headquartered in Springfield, Missouri, CoxHealth operates an integrated delivery health care system providing acute and sub-acute hospital services, as well as other health care services to a geography of 24 counties covering southwest Missouri and parts of northern Arkansas. CoxHealth owns and operates three tertiary hospital facilities in Springfield, Missouri, an acute care hospital in Branson, Missouri, and a critical access hospital in Monett, Missouri. In total the health system is licensed for over 950 beds. The system also operates over 80 physician clinic locations, home care companies, a health plan, retail pharmacies, a foundation, and is a founding owner/member of the BJC Collaborative and Mid-America Service Solutions. Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings. Applicable Criteria and Related Research: --'Revenue-Supported Rating Criteria', dated June 12, 2012; --'Nonprofit Hospitals and Health Systems, dated July 23, 2012. For information on Build America Bonds, visit 'www.fitchratings.com/BABs'. Applicable Criteria and Related Research: Revenue-Supported Rating Criteria Nonprofit Hospitals and Health Systems Rating Criteria
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