CUSIP 08451PAX9
- ISIN: US08451PAX96
- Entity Name: Berks County Industrial Development Authority
- Sector: Municipal Agency
- Announcement Date: 06-Dec-2018
- Effective Date: *****
- Issue Date: *****
- Maturity Date: 01-Nov-2047
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Rating Change
- News: S&P Global Ratings` long-term rating on Berks County Industrial Development Authority`s series 2017 revenue bonds and Berks County Municipal Authority, Pa.`s revenue bonds (series 2012 and 2009) issued for Tower Health (formerly Reading Health System) is `A`. The outlook is stable. On Oct. 1, 2017, Tower Health completed its planned acquisition of five Community Health System (CHS) hospitals, transforming Tower Health into one of the larger health care systems in Pennsylvania. The five acquired hospitals are Brandywine Hospital in Coatesville, Chestnut Hill Hospital in Philadelphia, Jennersville Regional Hospital in West Grove, Phoenixville Hospital in Phoenixville, and Pottstown Memorial Medical Center in Pottstown. Transition and financing costs of Tower Health`s acquisition have pressured operations and have also placed a short-term drain on liquidity as anticipated at the time of our previous analysis. While the transaction has had a somewhat dilutive impact on Tower`s balance sheet, the current rating and outlook are supported by our belief that management has smoothly integrated operations into the Tower Health system and that cultural transitions from the newly acquired hospitals have gone well to date. The integration has resulted in a total revenue base of more than $1.6 billion and has led to an expanding market presence in southeastern Pennsylvania and more specifically into areas identified by management as strategic growth areas.
- Description: Municipal Name: Berks County Industrial Development Authority CUSIP: 08451PAX9 Currency: USD Berks County Industrial Development Authority announced today that the Standard & Poor s Ratings has changed the long-term ratings of the Series 2017, Revenue Bonds to A.
- Bond Document: https://www.bondpdf.com/bonds/ff637662
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US08451PAX96
