CUSIP 514045L92

  • ISIN: US514045L925
  • Entity Name: Lancaster County Hospital Authority
  • Sector: Municipal Agency
  • Announcement Date: *****
  • Effective Date: *****
  • Issue Date: *****
  • Maturity Date: *****
  • Country of Issuer: *****
  • Region: N.Amer
  • Issue Currency: *****
  • CA Type: Rating Upgrade
  • News: On June 13, 2018, Princeton HealthCare System Holding, Inc., a New Jersey nonprofit corporation (PHCS), Princeton HealthCare System, a New Jersey Nonprofit Corporation, a New Jersey nonprofit corporation (PHCS System) and Princeton HealthCare System Foundation, Inc., a New Jersey nonprofit corporation (PHCS Foundation and together with PHCS and PHCS System, the Princeton Entities) each joined the University of Pennsylvania Health System Obligated Group (the Obligated Group). Pursuant the Twenty First Supplemental Master Trust Indenture dated as of June 1, 2018, the Obligated Group is now comprised of the Existing Members of the Obligated Group, listed in Exhibit A hereto, and the Princeton Entities. On January 1, 2018, the University of Pennsylvania Health System (UPHS) announced that it closed on an affiliation with PHCS, pursuant to which the network operated by PHCS became a clinical component of Penn Medicine through a member substitution in which The Trustees of the University of Pennsylvania (the University) became the sole member of PHCS in accordance with an affiliation agreement (the Affiliation Agreement) entered into on December 22, 2016. PHCS network of controlled affiliates includes PHCS System, Princeton Care Givers, Inc., Princeton Medical Properties, Inc., PHCS Foundation, Princeton Health, Inc. and Princeton Urban Renewal, LLC (collectively PHCS Affiliates). PHCS is a New Jersey nonprofit corporation and organization described under Section 501(c)(3) of the Internal Revenue Code, as amended. In the Affiliation Agreement, the parties have agreed, among other things, that UPHS, including the network operated by PHCS, will commit certain amounts of capital funding for the facilities operated by the PHCS Affiliates, consistent with the UPHS capital approval process. On June 12, 2018, S&P Global Ratings (S&P) raised its long-term ratings and underlying ratings on the Pennsylvania Higher Educational Facilities Authority`s bonds issued for UPHS, and on the taxable bonds issued by the University for UPHS to AA from AA-. In addition, S&P assigned their AA long-term rating to the outstanding Series 2016A New Jersey Health Care Facilities Financing Authority`s bonds, issued for PHCS, now part of UPHS and to the outstanding Series A of 2016 and Series B of 2016 Lancaster County Hospital Authoritys bonds issued for UPHS. DMEAST #34743914 v2 2 This Notice is delivered by the University on behalf of itself and as Obligated Group Agent for UPHS pursuant to various continuing disclosure agreements and continuing covenants agreements relating to the bonds listed in Exhibit B hereto (collectively, the Bonds), between the University and the trustees therefor (the Disclosure Agreements). Under the terms of certain of the Disclosure Agreements, the University is obligated to deliver notice of rating changes, joinders and transactions such as in the Affiliation Agreement, as well as its entry into any definitive agreement concerning transactions such as the Affiliation Agreement, in each case, if material, within 10 Business Days (as defined in the Disclosure Agreements) after the occurrence of the event.
  • Description: *****
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