Fitch Affirms UnityPoint Health's Self-Liquidity Bonds at 'F1+'

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed the 'F1+' short-term rating on the following bonds issued by or on behalf of UnityPoint Health (UnityPoint) and supported by UnityPoint's internal liquidity.

--$200,000,000 UnityPoint Health taxable commercial paper notes series A (maximum authorized amount);

--$85,000,000 Wisconsin Health and Educational Facilities Authority variable rate health facilities revenue bonds, series 2014B-1/B-2.

SECURITY

Bonds are general, unsecured obligations of the obligated group.

KEY RATING DRIVERS

LIQUID RESOURCES AVAILABLE FOR UNREMARKETED PUTS: The affirmation of the short-term 'F1+' rating is based on the sufficiency of UnityPoint's liquid resources and written procedures to fund the purchase price on each mandatory tender date. Based on Fitch's rating criteria related to self-liquidity, UnityPoint's eligible cash and investment position would cover the maximum mandatory put on self-liquidity bonds on any given date in excess of Fitch's 1.25x threshold for the 'F1+' short-term rating. UnityPoint posts quarterly liquidity reports on the Municipal Securities Rulemaking Board's EMMA website.

STRONG FINANCIAL PROFILE: Fitch previously affirmed UnityPoint's 'AA-' long-term rating on April 23, 2014. The long-term rating reflects the system's broad operating platform, solid liquidity, stable operating profitability and light debt burden.

RATING SENSITIVITIES

Fitch expects UnityPoint Health to maintain adequate internal liquid resources to cover its total put exposure in excess of 1.25x to maintain the 'F1+' short-term rating.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria

Rating U.S. Public Finance Short-Term Debt (pub. 07 Jan 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=846969

Revenue-Supported Rating Criteria (pub. 16 Jun 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=750012

U.S. Nonprofit Hospitals and Health Systems Rating Criteria (pub. 09 Jun 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=866807

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=993447

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=993447

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151104006943/en/

Fitch Ratings
Primary Analyst:
Adam Kates, +1-312-368-3180
Director
Fitch Ratings, Inc.
70 West Madison St
Chicago, IL 60602
or
Secondary Analyst:
Jennifer Kim, +1-212-908-0740
Director
or
Committee Chairperson:
Eva Thein, +1-212-908-0674
Senior Director
or
Media Relations:
Sandro Scenga, New York, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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