Economic Development Authority of the City of Fredericksburg, Virginia
CUSIP 355849BC3
- Issue Currency: United States of America Dollars
- Announcement Date: 13-Apr-2017
- News: Fitch Ratings has upgraded the rating on the following series of bonds issued on behalf of the Mary Washington Healthcare Obligated Group (MWHC), VA to `A-` from `BBB+`. --$112,710,000 Economic Development Authority of Stafford County VA hospital facilities revenue refunding bonds series 2016; --$56,210,000 Economic Development Authority of the City of Fredericksburg VA hospital facilities revenue refunding bonds series 2014; --$45,740,000 Economic Development Authority of the City of Fredericksburg VA (MediCorp Health System), hospital facilities revenue refunding bonds series 2007. The Rating Outlook is Stable. For Bond Document please visit www.BondPDF.com
- Issue Currency: United States of America Dollars
- Announcement Date: 13-Apr-2017
- News: Fitch Ratings has upgraded the rating on the following series of bonds issued on behalf of the Mary Washington Healthcare Obligated Group (MWHC), VA to `A-` from `BBB+`. --$112,710,000 Economic Development Authority of Stafford County VA hospital facilities revenue refunding bonds series 2016; --$56,210,000 Economic Development Authority of the City of Fredericksburg VA hospital facilities revenue refunding bonds series 2014; --$45,740,000 Economic Development Authority of the City of Fredericksburg VA (MediCorp Health System), hospital facilities revenue refunding bonds series 2007. The Rating Outlook is Stable. For Bond Document please visit www.BondPDF.com
- Issue Currency: United States of America Dollars
- Announcement Date: 03-Apr-2019
- News: Moody`s Investors Service has upgraded Mary Washington Healthcare`s (MWHC) (VA) rating to A3 from Baa1 affecting approximately $209 million of outstanding bonds. The outlook is revised to stable from positive at the higher rating level. RATINGS RATIONALE The upgrade to A3 from Baa1 reflects Moody`s expectation that MWHC will continue to improve its relative liquidity position and debt metrics after successfully implementing an IT revenue cycle conversion in fiscal 2018. Moody`s also expects MWHC to meet or exceed its fiscal 2019 budget by capturing outpatient and surgical volume growth, leveraging its strong alignment with independent physician groups, and benefitting from the recent expansion of Medicaid in Virginia which will increase the Medicaid base rate and provide coverage for individuals who formerly had represented self pay/bad debt to MWHC facilities. Though an independent healthcare system, MWHC will continue to enjoy strong clinical affiliations with larger tertiary healthcare systems in nearby Washington, D.C. and Richmond, VA. Offsets include high direct and indirect debt measures for the rating category and low relative liquidity. RATING OUTLOOK The stable outlook reflects our expectation that Mary Washington Healthcare will meet or exceed its fiscal 2019 budget and improve upon relative liquidity and debt metrics after the successful implementation of its IT revenue cycle platform. The outlook assumes no incremental financial leverage.
