S&P Global Ratings' long-term rating on Hospital for Special Surgery (HSS), N.Y.'s series 2018 and 2020 taxable bonds is 'A+'. The outlook is stable. The rating reflects HSS' clinical reputation, unique surgical and treatment capabilities, expanding ambulatory presence, and broad and economically diverse service area that we believe will all contribute to a return of healthy financial and demand metrics, even as current performance is lagging. In addition, HSS' series 2020 debt issuance added $200 million of unrestricted reserves to the balance sheet, providing a cushion for making strategic investments or for unexpected pandemic related events. HSS was hard hit by the pandemic because HSS' business model runs solely on non-emergent musculoskeletal care. HSS accepted medical COVID-19 and other non-orthopedic
