Enloe will use the bond proceeds to refund $166 million of its series 2008B outstanding debt, which is insured by California’s Health Facilities Construction Loan Insurance Program, or Cal-Mortgage.
“The long-term rating is based on our assessment of insurance from the state’s Cal-Mortgage program,” said S&P credit analyst Patrick Zagar.
The outlook, which is based on California’s GO debt rating, is stable.
More hospital outlook and credit rating actions:
Moody’s assigns ‘MIG 1’ to Avita Health System’s notes
7 recent hospital outlook and credit rating actions
Moody’s assigns ‘Aa2’ to Advocate Health Care Network’s bonds
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