...S&P Global Ratings' 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), is 'A+'. 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 as a tertiary hospital in a seven-county service area with a moderately sized population. Self's operating performance further improved in fiscal 2019 from a low in fiscal 2017. In our opinion, Self's improved operations are expected to remain more in line with historical performance. Management does have some larger capital plans set to begin in 2021, but 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. Effective Jan. 1, 2019 Self also signed a lease agreement with the Edgefield County Hospital that has helped prevent out-migration...
