This report does not constitute a rating action. S&P Global Ratings'long-term rating and underlying rating (SPUR) on the Massachusetts Development Finance Agency's bonds issued for Children's Hospital of Boston (Children's) and Children's taxable debt is'AA'. Our dual rating on the agency's variable-rate demand bonds issued for Children's based on the application of our joint criteria with low correlation is'AA+/A-1'. The outlook is stable. A general obligation from the obligated group--of which Children's is the only member--as well as a guarantee from its parent, Children's Medical Center, secures the bonds. Nonobligated entities include employed Harvard Medical School and Children's physicians and various support companies, primarily holding real estate. The'AA+'long-term rating on the variable-rate bonds reflects the
