Prisma Health, SC's 2018B Variable Rate Demand Bonds Rated 'AA+/A-1+'; Outlook Stable

DALLAS (S&P Global Ratings) Nov. 29, 2018--S&P Global Ratings assigned its 'AA+/A-1+' dual rating to South Carolina Jobs-Economic Development Authority's $100 million series 2018B variable rate demand bonds (VRDBs), issued for Prisma Health (formerly known as SC Health Company). At the same time, we assigned our 'A' underlying rating (SPUR) to the bonds. The outlook on the SPUR is stable. "These actions reflect the issuance of an irrevocable direct-pay letter of credit provided by U.S. Bank N.A., and the application of our joint criteria using low correlation," said S&P Global Ratings credit analyst Patrick Zagar. The long-term component of the dual ratings reflects our view of the joint support of the LOC provided by U.S. Bank and the SPUR on

...DALLAS (S&P Global Ratings) Nov. 29, 2018--S&P Global Ratings assigned its '##+/A-1+' dual rating to South Carolina Jobs-Economic Development Authority's $100 million series 2018B variable rate demand bonds (VRDBs), issued for Prisma Health (formerly known as SC Health Company). At the same time, we assigned our 'A' underlying rating (SPUR) to the bonds. The outlook on the SPUR is stable. "These actions reflect the issuance of an irrevocable direct-pay letter of credit provided by U.S. Bank N.A., and the application of our joint criteria using low correlation," said S&P Global Ratings credit analyst Patrick Zagar. The long-term component of the dual ratings reflects our view of the joint support of the LOC provided by U.S. Bank and the SPUR on Prisma Health, the obligor, assuming a low correlation level. The short-term component of the ratings solely reflects our short-term rating on U.S. Bank. The outlook on the SPUR reflects our expectation that Prisma Health will report improved operations...

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