Marin General Hospital, CA 2018A And 2018B Bonds Assigned 'A-' Rating; Outlook Is Stable

SAN FRANCISCO (S&P Global Ratings) April 24, 2018--S&P Global Ratings assigned its 'A-' long-term rating to California Statewide Communities Development Authority's $91.9 million tax-exempt revenue bonds series 2018A and $64.8 million taxable series 2018B issued for Marin General Hospital. The outlook is stable. Under our U.S. And Canadian Not-For-Profit Acute Care Health Care Organizations criteria published on March 19, 2018, the 'A-' long-term rating is based on our view of the financial profile of both Marin General Hospital and its parent, the Marin Healthcare District, which together (Marin) are used to determine the group credit profile. The obligated group -- composed of the hospital and a related medical foundation -- is considered core to the entire group and as a

...SAN FRANCISCO (S&P Global Ratings) April 24, 2018--S&P Global Ratings assigned its 'A-' long-term rating to California Statewide Communities Development Authority's $91.9 million tax-exempt revenue bonds series 2018A and $64.8 million taxable series 2018B issued for Marin General Hospital. The outlook is stable. Under our U.S. And Canadian Not-For-Profit Acute Care Health Care Organizations criteria published on March 19, 2018, the 'A-' long-term rating is based on our view of the financial profile of both Marin General Hospital and its parent, the Marin Healthcare District, which together (Marin) are used to determine the group credit profile. The obligated group -- composed of the hospital and a related medical foundation -- is considered core to the entire group and as a result the final rating of 'A-' is the same as the group rating profile of 'a-'. On a pro forma basis, total debt outstanding is $552 million. This includes about $400 million of debt secured by the ad valorem taxes...

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