MOODY'S ASSIGNS A3 RATING TO WOMAN'S HOSPITAL FOUNDATION'S (LA) $321.5 MILLION OF SERIES 2010 BONDS; OUTLOOK IS REVISED TO STABLE AT THE LOWER RATING LEVEL

Posted on: December 21, 2009, 4:11 pm

NEW YORK, Dec 21, 2009 -- Moody's Investors Service has assigned an A3 rating to Woman's Hospital Foundation's (WHF) $321.5 million of Series 2010 fixed rate bonds to be issued by the Louisiana Local Government Environmental Facilities and Community Development Authority. The A3 rating, which reflects a downgrade from WHF's existing rating of A1, is attributable to a sizable ten times increase in debt load that drives much weakened debt measures including pro forma debt-to-cash flow over 10 times, cash-to-debt under 40% and debt service coverage below 2.0 times. The rating outlook is revised to stable from negative at the lower rating level given our belief that WHF will continue to generate strong operating cash flow margins to grow liquidity and comfortably support debt service payments. At this time we are lowering to A3 from A1 the unenhanced rating assigned to $28.0 million of outstanding Series 2005 bonds issued on parity by Louisiana Public Facilities Authority...

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