Product methodology
Hospital Bond and Covenant Watch
Source contract, normalization path, entity-graph join, refresh posture, and publication limits for this Branmoor product.
Status
Pending. This product is pending. The methodology page is published first so the source contract and join path are visible before Branmoor represents the product as live.
Distribution Scope
Nationwide nonprofit hospital issuers; TN hospital finance; Nashville bond covenant tracker
Product Question
Tracks debt, liquidity, covenant, rating, and refinancing risk for hospital issuers and parent systems.
Primary Sources
- MSRB EMMA — Official statements, continuing disclosures, material events, CUSIPs, and issuer records
- Audited financial statements — Liquidity, debt service, covenants, notes, auditor opinions, and commitments
- Rating agency notices where public — Rating actions and outlook changes
- CMS HCRIS and IRS 990 — Provider-level operating context and nonprofit financial cross-checks
Entity-Graph Join
`ccn` -> `irs_ein` -> EMMA issuer/CUSIPs; parent system entity; rating agency IDs.
Publication Rule
Branmoor does not treat raw public records as the product. A surface is publishable only when the source record is dated, normalized, source-linked, and joined to the relevant Branmoor entity identifiers with enough confidence to state the limits of the result.
Current Methodology Note
Pending methodology. Covenant calculations are published only when Branmoor can cite the covenant definition, period, numerator, denominator, and source statement.
Limits
Coverage follows the underlying source. Missing state portals, gated APIs, PDF-only filings, suppressed fields, lagged agency refreshes, and entity-name ambiguity can all limit product completeness. Pending products are not marketed as live until those limits are documented on the product surface.