S&P: Mason County Public Hospital District No.1, WA Revenue Bonds Assigned 'A-' Rating On Good Reserves, Strong MADS Coverage

S&P Global Ratings assigned its 'A-' long-term rating to Mason County Public Hospital District No. 1, Wash.'s (d/b/a Mason General Hospital & Family of Clinics; MGH) $32.9 million series 2018 hospital revenue improvement bonds. At the same time, S&P Global Ratings affirmed its 'A-' long-term rating on the district's existing series 2010B general obligation (GO) debt. The outlook is stable.

"The rating reflects our view of MGH's healthy unrestricted reserves and strong maximum annual debt service coverage," said S&P Global Ratings credit analyst Aamna Shah. "The rating further reflects our view of MGH's stable and experienced leadership team, strategic partnerships, and market essentiality as Mason County's only acute-care facility," Ms. Shah added.

Proceeds from the $32.5 million series 2018 hospital revenue improvement bonds are being issued to provide financing to construct a medical office building (MOB) on campus.

Mason County Public Hospital District No. 1 operates and owns Mason General Hospital (MGH) a 25 staffed-bed (68 licensed-bed) critical access hospital and several clinics in Shelton, Wash. MGH is the only acute-care facility in Mason County and offers a variety of services, including general medicine, general and orthopedic surgery, obstetrics, pediatrics, intensive/coronary care, oncology, urology, and emergency services.
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