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Rating Action:

Moody's assigns Aa2 to OhioHealth's Ser. 2015; outlook stable

19 May 2015

System to have $1B rated debt

New York, May 19, 2015 --

Moody's Rating

Issue: Hospital Facilities Revenue Bonds, Series 2015; Rating: Aa2; Sale Amount: $281,135,000; Expected Sale Date: 06-03-2015; Rating Description: Revenue: Other

Opinion

Moody's Investors Service assigns a Aa2 to OhioHealth's $281 million of proposed Series 2015 fixed rate bonds to be issued through Franklin County, Ohio. The bonds are expected to mature 2045. The rating outlook is stable. At this time, we are affirming the Aa2, Aa2/VMIG 1, and P-1 ratings on outstanding bonds and commercial paper.

SUMMARY RATING RATIONALE

The Aa2 rating is based on OhioHealth's history of consistently strong operating margins, leading market position in a competitive Columbus healthcare market, high unrestricted investment position, manageable debt level and debt structure, and strong management team with a proven track record of meeting or exceeding budgets and responding to competition quickly and effectively. The system's primary challenge is operating in a very competitive market, where other well-financed providers continue to make major facilities investments to gain market share.

The Aa2/VMIG 1 ratings are based on standby bond purchase agreements from various banks to support unremarketed tenders. The P-1 commercial paper rating is based on OhioHealth's strong liquidity to support maturities.

OUTLOOK

The stable outlook is based on expectations that OhioHealth will sustain operating cashflow margins within historical ranges, maintain liquidity, and effectively execute strategies to at least preserve the system's leading market position.

WHAT COULD MAKE THE RATING GO UP

• Significantly reduced competitive threats and material growth in market share

• Increased size with strong geographic diversification

WHAT COULD MAKE THE RATING GO DOWN

• Prolonged decline in operating performance or liquidity

• Sizable increase in debt

OBLIGOR PROFILE

OhioHealth includes ten hospitals that are owned by OhioHealth or another member of the OhioHealth System and one joint venture Ohio rehabilitation hospital. The largest hospitals are located in Columbus, Ohio with the remainder, along with ambulatory locations, located in a broad region in central Ohio.

LEGAL SECURITY

The bonds are secured by hospital receipts of the obligated group, which includes OhioHealth Corporation (including Grant Medical Center, Riverside Methodist Hospital , Dublin Methodist Hospital and Doctors Hospital), Grady Memorial Hospital, Hardin Memorial Hospital, Marion General Hospital, Inc., MedCentral Health System, and The Sheltering Arms Hospital Foundation, Inc.

USE OF PROCEEDS

Bond proceeds will be used for capital projects, including reimbursing for prior capital spending.

RATING METHODOLOGY

The principal methodology used in this rating was Not-for-Profit Healthcare Rating Methodology published in March 2012. The additional methodologies used in this rating were Rating Methodology for Municipal Bonds and Commercial Paper Supported by a Borrower's Self-Liquidity published in January 2012 and Variable Rate Instruments Supported by Conditional Liquidity Facilities published in March 2015. Please see the Credit Policy 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.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

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.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Lisa Martin
Senior Vice President
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Daniel Steingart
Vice President - Senior Analyst
Public Finance Group
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 OhioHealth's Ser. 2015; outlook stable
No Related Data.
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