Providence St. Joseph Health, Washington; CP; Joint Criteria; System

S&P Global Ratings affirmed its 'AA-' long-term ratings and underlying ratings (SPUR) on existing tax-exempt bonds issued by multiple issuers for Providence St. Joseph Health (PSJH), Wash. S&P Global Ratings also affirmed its 'AA-' long-term rating on existing taxable debt issued directly by PSJH. The outlook is stable. At the same time, S&P Global Ratings affirmed its 'AA-/A-1+' dual rating on PSJH's series 2012C, 2012D, and 2012E bonds. The long-term component of the rating reflects the credit quality of PSJH, and the short-term component reflects a standby bond purchase agreement from U.S. Bank N.A. that expires on July 30, 2020. S&P Global Ratings also affirmed its 'AA+/A-1' dual rating on PSJH's taxable 2016G bonds, which were issued as variable-rate bonds.

...S&P Global Ratings affirmed its '##-' long-term ratings and underlying ratings (SPUR) on existing tax-exempt bonds issued by multiple issuers for Providence St. Joseph Health (PSJH), Wash. S&P Global Ratings also affirmed its '##-' long-term rating on existing taxable debt issued directly by PSJH. The outlook is stable. At the same time, S&P Global Ratings affirmed its '##-/A-1+' dual rating on PSJH's series 2012C, 2012D, and 2012E bonds. The long-term component of the rating reflects the credit quality of PSJH, and the short-term component reflects a standby bond purchase agreement from U.S. Bank N.A. that expires on July 30, 2020. S&P Global Ratings also affirmed its '##+/A-1' dual rating on PSJH's taxable 2016G bonds, which were issued as variable-rate bonds. The long-term component of the rating reflects the joint support of the letters of credit (LOC) provided by The Bank of Tokyo-Mitsubishi UFJ Ltd. and the SPUR on Providence St. Joseph Health, the obligor, assuming low correlation....

Full Report