Carpenter Caryl E, McCue Michael J, Moon Sun
Program in Health & Medical Services Administration, School of Business Administration, Widener University, Chester, PA, USA.
J Health Care Finance. 2003 Summer;29(4):17-28.
An analysis of hospital, tax-exempt bonds issued before and after the Allegheny Health, Education, and Research Foundation (AHERF) bankruptcy demonstrated that despite the decline in market rates for tax-exempt securities in the post period, bonds issued by hospitals and systems carried higher coupon rates than they did in the pre period. There was a significant decline in the proportion of hospital/system bonds that were insured from the pre to the post period. Bond insurance firms tightened their credit criteria after the bankruptcy, which may explain, in part, why the proportion of insured bonds declined. We conclude that hospital bonds are now viewed as riskier instruments than they were prior to the AHERF bankruptcy. This is reflected in higher coupon rates for both insured and uninsured bonds and fewer insured bond issues. This decline in hospital creditworthiness comes at a time when many hospitals need to replace aging assets and acquire new technologies in response to increased inpatient utilization.
对阿勒格尼健康、教育和研究基金会（AHERF）破产前后发行的医院免税债券进行分析表明，尽管后期免税证券的市场利率有所下降，但医院和医疗系统发行的债券票面利率却高于前期。从前期到后期，医院/医疗系统债券的保险比例显著下降。破产后，债券保险公司收紧了信贷标准，这可能部分解释了保险债券比例下降的原因。我们得出结论，与AHERF破产前相比，现在医院债券被视为风险更高的工具。这体现在有保险和无保险债券的票面利率都更高，以及有保险债券发行数量减少。在许多医院需要更换老化资产并获取新技术以应对住院患者利用率上升之际，医院信用度却出现了这种下降。
