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Rating Action:

Moody's assigns Aa2 to BayCare Health System's (FL) Ser. 2016A; outlook stable

18 Mar 2016

New York, March 18, 2016 -- Issue: Health System Revenue Bonds, BayCare Health System Issue, Series 2016A; Rating: Aa2; Rating Type: Underlying LT; Sale Amount: $225,000,000; Expected Sale Date: 03/28/2016; Rating Description: Revenue: Other

Summary Rating Rationale

Moody's Investors Service assigns an Aa2 to BayCare Health System's (BayCare) proposed Series 2016A fixed rate bonds, to be issued in an amount up to $225 million. The amount of could be lower, depending on market conditions. The bonds will be issued through the City of Tampa and are expected to mature in 2046. The rating outlook is stable. At this time, we are affirming the Aa2 and Aa2/P-1 on outstanding bonds (approximately $759 million).

The Aa2 reflects BayCare's very strong financial performance and excellent liquidity position which contribute to strong debt service coverage of a low debt burden. The rating also reflects BayCare's leading market position in the four county service area although strong competition stems from large for-profit and not-for-profit systems. These attributes are offset by a consumptive strategy of growth through recent acquisitions, however management has demonstrated a core competency in this area. Longer-term risks are present as BayCare endeavors to launch a health plan although the pace of this strategy appears measured. The P-1 on BayCare's Windows debt reflects our estimation of BayCare's market access and ability to pay the purchase price of a mandatory tender when due at the end of the mandatory tender "window."

Rating Outlook

The stable outlook reflects our belief that near term financial performance will continue to mirror historical levels and should not be disrupted by the integration of Bartow Regional Medical Center or the launch of the new health plan. Rating stability also supported by ample liquidity.

Factors that Could Lead to an Upgrade

While highly unlikely given competitive service area, a reduction in leverage and improved market position

Factors that Could Lead to a Downgrade

Departure from historical results that represents a new, lower level of performance going forward

Reduction in liquidity to more modest levels

Outsized increase in debt

Legal Security

Under the Master Trust Indenture, bondholders have a security interest in the Obligated Group members' gross revenues to secure the repayment of all bonds issued under the MTI. The BayCare Obligated Group is comprised of the following members: St. Joseph's Health Care Center, Inc.; St. Joseph's Hospital, Inc.; St. Anthony's Hospital, Inc.; Morton Plant Mease Health Care, Inc.; Morton Plant Hospital Association, Inc. (doing business as Morton Plant Hospital and NorthBay Hospital); Trustees of Mease Hospital, Inc. (doing business as Mease Countryside Hospital and Mease Dunedin Hospital); Winter Haven Hospital, Inc., and South Florida Baptist Hospital, Inc. Bartow Regional Medical Center will not be a member of the obligated group initially but is expected to satisfy the tests for entry once all tax-exemption regulations are met; 501c3 designation has been received.

Bank covenants include the following: 75 days cash on hand measured semi-annually; 1.15 times debt service coverage tested each quarter on a 12-month rolling basis; consolidating obligated group revenues to consolidated system revenues (80% required) tested each quarter on a 12-month rolling basis; consolidated obligated group assets to consolidated system assets of 80% tested each quarter on a 12-month rolling basis. Strong to adequate coverage on these tests. MTI covenant includes a 1.10 rate covenant test.

Use of Proceeds

The Series 2016A procceds will be used to reimburse the system for recent capital expenditures. A portion of the reimbursement is intended to repay the line of credit used to acquire Bartow Regional Medical Center ($66.3 million).

Obligor Profile

BayCare Health System is a $3.3 billion (total revenues) 501c3 health care system headquartered in Tampa, Florida. Larger assets and operations include 13 general and specialty acute care hospitals (including Bartow) and numerous ambulatory sites.

Methodology

The principal methodology used in this rating was Not-for-Profit Healthcare Rating Methodology published in November 2015. An additional methodology used in the short term rating was Rating Methodology for Municipal Bonds and Commercial Paper Supported by a Borrower's Self-Liquidity published in January 2012. Please see the Ratings Methodologies page on www.moodys.com for a copy of these methodologies.

Regulatory Disclosures

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

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Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

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Lisa Goldstein
Lead Analyst
PF Healthcare
Moody's Investors Service, Inc.
7 World Trade Center
250 Greenwich Street
New York 10007
US
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Beth Wexler
Additional Contact
PF Healthcare
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's assigns Aa2 to BayCare Health System's (FL) Ser. 2016A; outlook stable
No Related Data.
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