UMass Memorial Health Care rated on $130M bond
Grant Welker
UMass Memorial Medical Center in Worcester.
UMass Memorial Health Care got a stable bond rating on a $130-million fixed-rate bond, the agency S&P Global Ratings said Wednesday.
The bond proceeds will be used to finance unspecified improvements and expansion projects at UMass Memorial Medical Center and HealthAlliance - Clinton Hospital.
S&P Global Ratings assigned a BBB+ rating to the bond, and affirmed a BBB+ long-term outlook for the Worcester healthcare provider. The ratings outlook for the next two years is stable, the firm said.
S&P Global Ratings said UMass Memorial's balance sheet is strong enough to support the relatively high rating during a period of limited earnings and cash flow and uncertainty surrounding its Medicaid revenue. A higher rating is unlikely, the firm said, because somewhat softer margins are likely to continue into next year.
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