...S&P Global Ratings' long-term rating on California Statewide Communities Development Authority's series 2018A tax-exempt revenue bonds and series 2018B taxable revenue bonds issued for Marin General Hospital (Marin or the district) is 'A-'. The outlook is stable. The rating reflects our view of Marin's solid market position in Marin County (which we view as having robust economic characteristics), clinical affiliation with University of California San Francisco (UCSF), and strategic management team that effectively rebuilt the hospital's financial position and reputation in the community following a disruptive dissolution from Sutter Health in 2010. The rating is also based on our view of Marin's adequate balance sheet and generally weak financial metrics, as debt service coverage remains weak. Lastly, our rating incorporates our positive assessment of the hospital's proven and ongoing tax support, exemplified by the diverse and wealthy tax base and increasing assessed value (AV). Although...
