Prisma Health, SC Bond Rating Outlook Revised To Negative On Weaker Financial Results

FARMERS BRANCH (S&P Global Ratings) March 17, 2020--S&P Global Ratings revised its outlook to negative from stable and affirmed its 'A' long-term rating on the South Carolina Jobs Economic Development Authority's series 2018A and 2018C bonds, issued for Prisma Health. We also affirmed our 'AA+/A-1+' dual rating on the authority's series 2018B variable rate demand bonds (VRDBs), which are supported by a letter of credit from US Bank and were also issued for Prisma Health. We based the long-term rating component on the application of joint criteria between US Bank and the 'A' underlying rating (SPUR) on Prisma Health. The short-term rating component reflects the 'A-1+' short-term rating on US Bank. At the same time, we affirmed our 'A' long-term

...March 17, 2020 FARMERS BRANCH (S&P Global Ratings) March 17, 2020--S&P Global Ratings revised its outlook to negative from stable and affirmed its 'A' long-term rating on the South Carolina Jobs Economic Development Authority's series 2018A and 2018C bonds, issued for Prisma Health. We also affirmed our '##+/A-1+' dual rating on the authority's series 2018B variable rate demand bonds (VRDBs), which are supported by a letter of credit from US Bank and were also issued for Prisma Health. We based the long-term rating component on the application of joint criteria between US Bank and the 'A' underlying rating (SPUR) on Prisma Health. The short-term rating component reflects the 'A-1+' short-term rating on US Bank. At the same time, we affirmed our 'A' long-term rating on Palmetto Health's legacy series 2016A bonds and Greenville Health System's legacy series 1990, 2012, and 2014B bonds. All bonds are secured by the gross receivables of the obligated group under the Prisma Health master trust...

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