Beaumont Health to refinance $408.8M in revenue bonds

Beaumont Health, an eight-hospital system based in Royal Oak Mich., plans to refinance $408.8 million in hospital revenue bonds through the Michigan Finance Authority, according to Moody's Investors Service.

Moody's has assigned an "A1" rating to the series 2015A hospital revenue refunding bonds, which have an expected sale date of Jan. 21.

The rating assignment was based on a number of factors, including Beaumont's dominant market position, with a leading 31 percent market share in its service area.

Beaumont has a stable financial outlook; however, Moody's said "unexpected deviations from projections due to the inability to effect a smooth merger of the three legacy organizations may result in a rating downgrade."

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