This report does not constitute a rating action. S&P Global Ratings' long-term rating on the Connecticut Health&Educational Facilities Authority 's series 2019 revenue bonds, issued on behalf of Griffin Health Services Corp. (GHSC), is 'BB+'. The outlook is stable. The bonds are secured by a gross receipts pledge of the obligated group and a mortgage on the main hospital campus. The rating reflects our view of GHSC's trend of break-even or positive financial performance and healthy maximum annual debt service (MADS) coverage, offset by a low level of unrestricted reserves and weak days' cash on hand (DCOH). Although, in our opinion, unrestricted reserves are thin, we note they have remained unchanged at $60 million-$70 million over the past
