November 11, 2008
Fitch Upgrades SynergyHealth, Inc. (Wisconsin) Bonds to ‘AA-‘
Fitch Ratings has upgraded to 'AA-' from 'BBB-' the ratings on SynergyHealth, Inc.'s (Synergy) approximately $70.1 million of bonds issued through the Wisconsin Health and Educational Facilities Authority. The ratings were on Rating Watch Positive following Synergy's signing of an affiliation agreement with Froedtert & Community Health, Inc. (F&CH, rated 'AA-' by Fitch).
The rating upgrade reflects the affiliation of Synergy with F&CH and the exchange of outstanding master notes of Synergy and its affiliates for obligations under the master indenture of F&CH. Effective Sept. 1, 2008, the former affiliated members of Synergy (St. Joseph's, the West Bend Clinic, and St. Joseph's Foundation) were added as members of the F&CH obligated group.Please see Fitch's press release dated Nov. 11, 2008 for further information F&CH at www.fitchratings.com.
Froedtert & Community Health is an integrated health system that includes Froedtert Memorial Lutheran Hospital, a 451 staffed-bed tertiary and quaternary academic medical center located in Wauwatosa, WI, (approximately seven miles west of Milwaukee); Community Memorial Hospital, a 214 staffed-bed community hospital located in Menomonee Falls, WI (approximately 20 miles northwest of Milwaukee) and St. Joseph Hospital, an 80-staffed bed community hospital located in West Bend, WI (approximately 35 northwest of Milwaukee).