S&P Global Ratings' long-term rating on Mayo Clinic, Minn.'s revenue bonds outstanding is 'AA'. S&P Global Ratings' dual ratings on Mayo Clinic's various variable-rate demand bonds (VRDBs) outstanding are 'AA/A-1+' and 'AA/A-1'. Mayo Clinic's VRDBs are supported either by the system's self-liquidity or by standby bond purchase agreements (SBPAs), which are rated either 'A-1' or 'A-1+'. The long-term component of all the dual ratings reflects our view of Mayo Clinic's credit quality. The outlook is stable. The bonds are a general obligation (GO) of Mayo Clinic. The clinic has agreed to exercise control or rights that it may have with respect to direct or indirect subsidiaries to cause the subsidiaries to pay, loan, or otherwise transfer to Mayo Clinic funds
