S&P also assigned a “BBB” rating to TRMC’s $13.2 million of series 2016A bonds and $89.8 million of series 2017A bonds. Proceeds from the bonds are expected to refinance all of the medical center’s outstanding debt and terminate the swap on the existing unrated series 2006 bonds.
“The outlook revision reflects expected benefits from this transaction,” said S&P analyst Cynthia Keller.
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