...S&P Global Ratings affirmed its 'A+' rating, with a stable outlook, on Michigan Finance Authority's revenue debt, issued for MidMichigan Health. We assessed MidMichigan's financial profile as very strong, characterized by its robust balance sheet with excellent liquidity and improved operating performance generating good maximum annual debt service (MADS) coverage. We assessed its enterprise profile as strong, reflecting its diversification due to its ownership of five hospitals and its healthy market position, marked by a high market share and stable population base within its five-county service area. Combined, we think these credit factors lead to a final rating level of 'A+'. In fiscal 2016, MidMichigan Health acquired Alpena Regional Medical Center. MidMichigan Medical Center - Alpena is a non-profit, 139-bed acute care hospital that provides a full complement of ancillary services. The hospital maintained over 77% market share in its primary service area, with the nearest hospital...
