...S&P Global Ratings' long-term rating on Hospital for Special Surgery, N.Y.'s (HSS) 2018 taxable bonds is 'A+'. The outlook is stable. The rating reflects HSS' clinical reputation and unique capabilities, broad and economically diverse service area, growing demand for services, and expanding access points. Absent any material changes in HSS' credit profile, we believe the organization's consistent financial performance and moderately leveraged balance sheet create capacity to issue $225 million of additional debt during the outlook period at the current rating level. Management anticipates using the debt to finance increased capacity on the main campus and for other expansion projects. Our analysis incorporates HSS and its consolidated subsidiaries as well as a related company--HSS Fund Inc. and its consolidated subsidiaries (HSS Fund)--that conducts fundraising for HSS, operates HSS' professional insurance company and holds a large portion of the system's leased and owned property. The...
