On September 29, Moody’s Investors Services issued an affirmation of Avita Health System’s MIG1, which applies to over 86 million dollars in notes. As their release shares, it was issued in light of a commitment of the United States Department of Agriculture to provide a loan to cover this amount on substantial completion of Avita’s current project, the construction of a 26 bed acute care hospital at Richland Mall in Ontario.
Identified risk factors were limited to construction delays or unanticipated cost overruns. That shared, the affirmation was based on the low risk of project non-completion, given Avita’s cashflow and investment position.
The release from Moody’s can be accessed here.