Bon Secours Mercy Health Inc., Maryland; CP; Joint Criteria; System

S&P Global Ratings assigned its 'A+' rating to the $652 million series 2020-2 taxable fixed-rate bonds issued by Bon Secours Mercy Health Inc. (BSMH), Md. Bond proceeds are expected to permanently finance $380 million of short-term borrowings currently outstanding and refinance series 2012A bonds. The outlook on all long-term assigned and affirmed ratings is stable. For BSMH (and legacy Mercy Health), we affirmed the following ratings: 'A+' long term and underlying (SPUR) ratings; 'A-1' short-term rating on taxable commercial paper notes; 'A+/A-1' rating on $100 million series 2012B bonds backed by self-liquidity; and 'AA+/A-1' rating on the series 2010C bonds whereby the long-term component of the rating is based on BSMH and the letter of credit (LOC) provider (Bank of

...S&P Global Ratings assigned its 'A+' rating to the $652 million series 2020-2 taxable fixed-rate bonds issued by Bon Secours Mercy Health Inc. (BSMH), Md. Bond proceeds are expected to permanently finance $380 million of short-term borrowings currently outstanding and refinance series 2012A bonds. The outlook on all long-term assigned and affirmed ratings is stable. For BSMH (and legacy Mercy Health), we affirmed the following ratings: + 'A+' long term and underlying (SPUR) ratings; + 'A-1' short-term rating on taxable commercial paper notes; + 'A+/A-1' rating on $100 million series 2012B bonds backed by self-liquidity; and + '##+/A-1' rating on the series 2010C bonds whereby the long-term component of the rating is based on BSMH and the letter of credit (LOC) provider (Bank of Montreal expiring July 2024), and the short-term rating is based solely on the short-term rating of the LOC provider. Mercy Health (Mercy) and Bon Secours Health System (Bon Secours) came together in September 2018...

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