Salem Hospital Facility Authority, Oregon Salem Health; Hospital; Joint Criteria

S&P Global Ratings assigned its 'A+' rating to the Salem Hospital Facility Authority, Ore.'s $269.63 million series 2019A revenue bonds issued for Salem Health. At the same time, S&P Global Ratings affirmed its 'A+' long-term rating and underlying rating (SPUR) on Salem Health's existing debt. The outlook is stable. In addition, S&P Global Ratings affirmed its 'AA+/A-1+' rating on Salem Health's series 2008B variable-rate demand bonds (VRDBs). The long-term component of the rating is based jointly on the rating of Salem Health and the letter of credit (LOC) provider, U.S. Bank N.A., assuming low correlation. The short-term component of the rating is based solely on the short-term rating on the LOC provider. We understand these bonds will be refunded as

...S&P Global Ratings assigned its 'A+' rating to the Salem Hospital Facility Authority, Ore.'s $269.63 million series 2019A revenue bonds issued for Salem Health. At the same time, S&P Global Ratings affirmed its 'A+' long-term rating and underlying rating (SPUR) on Salem Health's existing debt. The outlook is stable. In addition, S&P Global Ratings affirmed its '##+/A-1+' rating on Salem Health's series 2008B variable-rate demand bonds (VRDBs). The long-term component of the rating is based jointly on the rating of Salem Health and the letter of credit (LOC) provider, U.S. Bank N.A., assuming low correlation. The short-term component of the rating is based solely on the short-term rating on the LOC provider. We understand these bonds will be refunded as part of the series 2019 issuance. We will withdraw our rating on these bonds following this transaction. Proceeds from the series 2019 issuance ($269.63 million par, $55.542 million expected premium) include approximately $235 million of...

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