Moody's Investors Service assigned its "Baa2" rating to Irving (Texas) Hospital Authority's proposed $79.2 million series 2017A and $26.8 million series 2017B. Irving Hospital Authority owns Baylor Scott & White Medical Center-Irving, including the property and some of its equipment.
The assignment is a result of the authority and medical center's solid liquidity metrics to provide support for rent payments and the limited joinder to Baylor Scott & White-Irving, which states that Baylor Scott & White Holdings, the parent company, will pay the rent if the medical center in Irving can't. Moody's also acknowledged Baylor Scott & White Medical Center-Irving's weak credit quality.
The outlook is stable, reflecting the medical center's liquidity to pay rent during a period of financial pressure.