This report does not constitute a rating action. S&P Global Ratings long-term and underlying (SPUR) ratings on bonds issued by various authorities for Bayhealth Medical Center (Bayhealth), Del. Is 'AA-'. The outlook is stable. Securing the bonds is a pledge of gross revenue from Bayhealth Medical Center that encompasses most of the system's assets and revenue. Our analysis reflects the financial profile of Bayhealth alone. Although there are other related companies (the parent Bayhealth Inc., Bayhealth Cancer Institute, Bayhealth Development Corp., and Bayhealth Foundation), they are largely immaterial relative to the obligated group. Therefore, we believe our analysis of Bayhealth adequately reflects the company's financial position, although we would consider a consolidating audit to be best practice. The rating reflects
