Report: Jackson Hospital’s bond rating lowered after missed interest payment
A report says Jackson Hospital & Clinic’s bond rating has been lowered based on a missed interest payment.
S&P Global says it has lowered its long-term rating to ‘D’ from ‘CC’ on The Medical Clinic Board of the City of Montgomery’s series 2015 bonds.
It says the payment was due on September 3. S&P Global says that it understands that Jackson’s liquidity is very thin and insufficient to meet the bondholders’ demand for full payment. It says $60 million is the outstanding interest payment for the series 2015 bonds.
Action 8 News has contacted the Alabama Hospital Association for more details. We were referred to Jackson Hospital. We are currently awaiting a response from the hospital and will keep you updated.
On its website, Jackson Hospital describes itself as being licensed for 344 beds, serving Montgomery and the River Region as a community not-for-profit facility. It says it opened in 1946 with 37 beds and five doctors.
