...Standard & Poor's Ratings Services affirmed its 'A+' rating, with a stable outlook, on Michigan Finance Authority's revenue debt, issued for MidMichigan Health. We assessed MidMichigan' financial profile as very strong, characterized by its robust balance sheet with excellent liquidity and good maximum annual debt service (MADS) coverage. We assessed its enterprise profile as strong, reflecting its diversification due to its ownership of four hospitals and its healthy market position, marked by a high market share and stable population base within its four-county service area. While operating performance has been pressured over the past several fiscal years, management has made progress in returning performance to more-historical levels. We expect performance will likely remain stable over the next couple of fiscal years as management continues to focus on cost-containment and revenue-enhancement initiatives. Combined, we think these credit factors lead to a final rating level of 'A+'....
