Hospital for Special Surgery, NY 2020 Taxable Bonds Rated 'A+'; Outlook Stable

NEW YORK (S&P Global Ratings) July 22, 2020--S&P Global Ratings assigned its 'A+' long-term rating to Hospital for Special Surgery (HSS), N.Y.'s $350 million series 2020 taxable bonds. At the same time, we affirmed our 'A+' rating on HSS' 2018 taxable bonds. The outlook is stable. Pending regulatory approvals, HSS will use $150 million of the bond proceeds to finance a portion of its new River Building. Proceeds will also permanently finance half of the $300 million line of credit drawn for cash flow needs during the pandemic ($150 million), and $50 million of various strategic initiatives. "The rating reflects HSS' clinical reputation, unique capabilities, broad and economically diverse service area, strong pre-pandemic demand for services, and expanding access points,"

...July 22, 2020 NEW YORK (S&P Global Ratings) July 22, 2020--S&P Global Ratings assigned its 'A+' long-term rating to Hospital for Special Surgery (HSS), N.Y.'s $350 million series 2020 taxable bonds. At the same time, we affirmed our 'A+' rating on HSS' 2018 taxable bonds. The outlook is stable. Pending regulatory approvals, HSS will use $150 million of the bond proceeds to finance a portion of its new River Building. Proceeds will also permanently finance half of the $300 million line of credit drawn for cash flow needs during the pandemic ($150 million), and $50 million of various strategic initiatives. "The rating reflects HSS' clinical reputation, unique capabilities, broad and economically diverse service area, strong pre-pandemic demand for services, and expanding access points," said S&P Global Ratings analyst Cynthia Keller. We expect these strengths will continue to support the rating even as HSS' 2020 operating results will be weaker due to revenue and expense pressures from COVID-19...

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