S&P Global Ratings affirmed its 'A-' long-term rating on the Colorado Health Facilities Authority's series 2018 refunding revenue bonds and series 2015 and 2017 hospital revenue bonds. All bonds were issued for Valley View Hospital (VVH). The outlook is positive. The positive outlook reflects our view of VVH's growth in unrestricted reserves and historically strong operations that generate robust maximum annual debt service (MADS) coverage, and our expectation that that the hospital's operating margin, which has been affected by COVID-19 in interim 2020, will strengthen through the end of the fiscal year (Dec. 31) and return to normal in 2021. While pent-up demand may be contributing to recent months' return of volumes, VVH's location in a service area that is
