...S&P Global Ratings revised its outlook to positive from stable and affirmed its 'A+' rating on Michigan Finance Authority's revenue debt, issued for MidMichigan Health. The positive outlook reflects our view of MidMichigan's steady operational performance in recent years, with good maximum annual debt service (MADS) coverage and a solid balance sheet, particularly with respect to system medians for the rating level. With this review, we are reclassifying MidMichigan as a multisite system. Given the revenue growth experienced in recent years, the organization now meets our standard for a system containing at least three hospitals in one state with sufficient revenue dispersion and total revenues exceeding $750 million. The rating affirmation reflects our view of MidMichigan's healthy business position that has grown through recent strategic acquisitions and affiliations, with high market share and stable population base. In addition, MidMichigan enjoys a very solid financial profile highlighted...
