Miami Beach hospital prepares for $166M bond issue

As Mount Sinai Medical Center gets ready to issue nearly $166 million in bonds to help fund an expansion of its Miami Beach campus, two major rating agencies gave moderate grades to the offering.

The nonprofit is slated to issue the tax-free bonds on Aug. 20. A Miami Beach agency is handling the offering. Mount Sinai plans $205 million in improvements to the campus.

Moody’s Investor Service gave the bonds a “Baa1” rating, according to the South Florida Business Journal. That grade represents a moderate risk level. The latest rating is an improvement to the previously assigned “Baa2” grade, however.

Fitch Ratings gave the Mount Sinai bonds a “BBB” grade, which is similar to the Moody’s rating. [South Florida Business Journal] — Eric Kalis