Sylvania Franciscan Health Obligated Group, TX Bond Outlook Revised To Positive On Improving Operations

Stocks and Financial Services Press Releases Friday September 26, 2014 08:57
CHICAGO--26 Sep--Standard & Poor's

CHICAGO (Standard & Poor's) Sept. 25, 2014--Standard & Poor's Ratings Servicesrevised its outlook to positive from stable and affirmed its 'A-' long-termrating on Brazos County Health Facilities Development Corp., Texas' $134.215million series 1993B, 2002, and 2008 bonds and its 'A-' underlying rating(SPUR) on the development corporation's series 1997A and 1997B bonds. Allbonds were issued for Sylvania Franciscan Health Obligated Group (SFH;formerly Franciscan Services Corp. Inc.).

Standard & Poor's also revised its outlook to positive from stable affirmedits 'A-' long-term rating on the Kentucky Economic Development FinanceAuthority's $28.44 million series 2010 fixed-rate bonds issued for MadonnaManor. The series 2010 carries the same rating as SFH, the parent, because SFH

(a member of the obligated group) is the guarantor of the bonds of MadonnaManor.
"The outlook revision reflects our view of strategies that SFH's leadershiphas put in place to help improve operations," said Standard & Poor's creditanalyst Brian Williamson.
Examples of the strategies employed include a centralized audit, aself-insured workers compensation program, and freezing the defined benefitpension plan.

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