On Oct. 26, 2026, HealthSpan Partners, an affiliate of nonprofit hospital system Bon Secours Mercy Health Inc. (BSMH; A+/Positive/A-1), announced it will acquire and take private ambulatory surgical facilities operator Surgery Partners Inc. for $5.7 billion. We placed all our ratings on Surgery Partners, including our ‘B’ issuer credit rating, on CreditWatch with positive implications. The CreditWatch reflects that we expect to raise our rating on Surgery Partners given the increased likelihood of timely and sufficient group support in a credit stress scenario. We expect to resolve the CreditWatch after the acquisition closes in the first quarter of 2027. The CreditWatch reflects that we will likely raise our ratings on Surgery Partners. We believe it will be a strategic addition
