...S&P Global Ratings affirmed its 'A+' long-term rating on Greenwood County, S.C.'s series 2017, 2012B, 2009, and 2004B bonds, issued on behalf of Self Regional Healthcare (Self, or Self Regional). The outlook is stable. The rating reflects our view of Self's solid financial performance combined with an excellent balance sheet and a leading business position in a seven-county service area with a moderately sized population. Self's operating performance is stronger in fiscal 2018 (unaudited) than in fiscal 2017, which was weakened by one-time items such as unexpected higher self-insured health insurance costs and slower volumes in the last quarter. In our opinion, Self's improved operations are expected to remain more in line with historical performance. As larger capital projects have wrapped up, management also expects that the strong cash flows will continue to improve unrestricted reserves, and management projects that cash on hand will exceed 500 days in the next few years. Self has also...
