Main Line Health System, Pennsylvania; System

S&P Global Ratings affirmed its 'AA' rating on Main Line Health System (MLH), Pa.'s $188 million series 2010A and 2012A fixed-rate bonds issued by various authorities. The affirmation also incorporates an unrated $50 million bank loan. MLH was formerly known as Jefferson Health System (JHS). The outlook is positive. The rating affirmation reflects MLH's very strong balance sheet, with excellent unrestricted reserves and extremely low outstanding debt, strong market position in a demographically favorable service area, and healthy philanthropy. MLH's year-to-date earnings are weaker, though still solidly positive, and the organization has significant capital plans with final decisions about financing sources for the projects pending. Factors we will consider during the outlook period include MLH's level of capital spending relative

...S&P Global Ratings affirmed its '##' rating on Main Line Health System (MLH), Pa.'s $188 million series 2010A and 2012A fixed-rate bonds issued by various authorities. The affirmation also incorporates an unrated $50 million bank loan. MLH was formerly known as Jefferson Health System (JHS). The outlook is positive. The rating affirmation reflects MLH's very strong balance sheet, with excellent unrestricted reserves and extremely low outstanding debt, strong market position in a demographically favorable service area, and healthy philanthropy. MLH's year-to-date earnings are weaker, though still solidly positive, and the organization has significant capital plans with final decisions about financing sources for the projects pending. Factors we will consider during the outlook period include MLH's level of capital spending relative to cash flow, unrestricted reserves balances and trends, volume metrics, the effect of market forces (including regional consolidation and the transition away...

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