S&P Global Ratings affirmed its 'A' long-term rating and underlying rating (SPUR) on Providence St. Joseph Health (PSJH), Wash.'s various taxable fixed-rate bonds and on various issuers' tax-exempt bonds issued for PSJH. The SPUR is tied to various bonds with insurance, mostly through the secondary market. The outlook is negative. Under PSJH's master trust indenture (MTI), an unsecured general obligation of its obligated group secures the bonds. At the same time, the obligated group has covenanted in the MTI that it will not allow any lien or security interest of any kind upon the property of the obligated group, including revenue, to secure debt, except as permitted under the MTI. PSJH's only financial covenant is a historical 1.0x debt service
