S&P Global Ratings affirms Slidell Memorial Hospital’s ‘A’ rating, revises outlook to stable

SLIDELL, La. – S&P Global Ratings affirmed its ‘A’ rating and improved its outlook to stable from negative on St. Tammany Parish Hospital Service District No. 2 (Slidell Memorial Hospital) municipal bonds to fund the capital improvement plan approved by voters in May 2025.

 

The rating includes the hospital’s $20.02 million tax-exempt Series 2026 general obligation (GO) bonds that will support the expansion of the SMH Emergency Department, a pediatric and primary care outpatient center, parking expansion, as well as advanced imaging equipment for cancer care, and women’s and infants’ services. The strong bond rating reflects the hospital’s solid financial health and supports continued investment in its facilities, technology and services to meet the growing healthcare needs of the community.

 

“We are pleased to share Slidell Memorial Hospital’s ‘A’ bond rating from S&P Global Ratings and its stable outlook based on our business position as we expand facilities and services for our community,” said SMH Chief Executive Officer Sandy Badinger. “S&P Global Ratings noted the hospital’s trend of positive operating performance, made stronger through our partnership with Ochsner Health.”

 

The hospital’s GO bonds are secured by a dedicated millage, making them completely independent from the hospital’s revenue. GO Bonds are limited to funding capital projects only; the funds may not be used for any operations of the facility.

 

Voters in Wards 6, 7, 8 and 9 approved a $51.52 million bond at a reduced millage rate to finance an expansion of the Comprehensive Cancer Care Clinic and Emergency Department; equipping a new Women and Infants Center with advanced technology; creating a new family-centered pediatric and primary care center; replacing imaging equipment; and improving access to patient care with additional parking on its main campus.

 

All past bond issue millages have been paid faster than anticipated, reducing the bond millage from 7.00 mills to the current 5.99 mills. Since 2012, SMH has refunded (refinanced) its GO bonds five times to get lower interest rates, saving a total of $3 million for taxpayers. Past bond millages provided the community with the Slidell Regional Cancer Center, a new Emergency Department, the SMH Heart Center, a dedicated Cardiology patient unit, the SMH Surgical Services & Patient Care Tower, and the Comprehensive Cancer Care Clinic.

 

 

ABOUT SMH 
Slidell Memorial Hospital is a full-service acute care not-for-profit community hospital located in the heart of Slidell. SMH offers two campuses with 261 beds at our Main campus and 70 beds at our East campus, formerly Ochsner Medical Center – Northshore. Founded in 1959, SMH serves as a primary healthcare resource for families in St. Tammany Parish, La., and Pearl River County, Miss. In 2016, SMH and Ochsner Health entered into a joint operating agreement to offer area residents access to expanded local care. SMH works in an integrated environment with Ochsner, collaborating with leadership, physicians and team members to share best practices, grow services and implement advanced, patient-centered technology.