Jackson Hospital & Clinic's liquidity 'is very thin and insufficient to meet the bondholders' demand for full payment,' S&P Global said in a statement.
An Alabama hospital was given S&P Global’s lowest bond rating of “D” on Wednesday, a day after it defaulted on bond interest payments.
Jackson Hospital & Clinic in Montgomery defaulted on about $60 million worth of Medical Clinic Board of the City of Montgomery series 2015 bonds, which comprises 86% of the hospital’s long-term debt, the S&P said in a statement explaining why it lowered the hospital’s rating to “D” from “CC.”The bondholder requested full payment after the hospital failed to make interest payments.
“The ‘D’ rating reflects that Jackson missed its most recent interest payment to bondholders on the series 2015 bonds, which was due on Sept. 3, 2024,” said S&P Global Ratings credit analyst Marc Arcas in a statement. “The ‘D’ rating, by definition, indicates that the obligation is in default or in breach of an imputed promise, and this rating category is used when payments on an obligation are not made on the due date.”for many of the state’s medical centers.
“While the access crisis will be worse in already underserved rural areas, as local hospitals close and patients pursue care in larger centers, many of the financially precarious urban facilities may not have the resources or capacity to absorb the volume,” he said. This report should be the canary in the coal mine for our state and national leaders to ensure the system avoids collapse.”
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