All Featured Insights

Although hospitals have experienced difficult operating periods and volatile stock markets in the past, the simultaneous impact of these two forces in 2022 was a first in not-for-profit healthcare, creating a financial “twindemic” that drove many of the downgrades.

In this summary of our Healthcare Leadership Conference rating agency panel, the agencies’ not-for-profit healthcare leaders address issues related to financial performance, covenant management, and ESG.

Tuesday’s 7.1% CPI print was an improvement from October’s 7.7% and well off the 9.1% peak (so far) posted in June. 7.1% is not price stability and there remains a large gap to the Fed...

Healthcare issuance remains light, running at over 30% below 2021 YTD levels. No channel of external healthcare capital formation has been active, but there have been interesting...

In recent months, hospitals of all sizes and ratings are reporting tremendous financial turbulence, primarily due to externalities such as the nursing shortage and the need for expensive contract labor.

Not-for-profit healthcare investors provide their perspectives on issues including weak financial performance and the threat of breached covenants, best practices for disclosure and transparency, and the growing influence of ESG concerns on investment decisions.

Thursday’s CPI 7.7% report hinted at some slowing of inflationary pressures. Stock and bond markets had a huge party celebrating the release but none of it matters until Fed Chairman...

Year-to-date healthcare debt issuance is down almost 30% versus the same period in 2021 and currently stands at only 43% of full year 2020 issuance and 55% of full year 2021. Certainly...

Provisions of the recently enacted Inflation Reduction Act now allow the federal government to provide a direct payment for qualifying renewable energy projects owned by tax-exempt entities.

Not-for-profit healthcare issuance remains light across public and private funding channels. Uncertainty about the depth and breadth of capital access options persists but the main...

With one out of every two hospitals expected to show an operating loss in 2022, presentations to the rating agencies in many cases need to focus more on the turnaround plan and less on...

We see a continued modest capital formation environment. Bon Secours Mercy issued approximately $400 million of tax-exempt debt in a very difficult market. The transaction got done, but...