...NEW YORK (S&P Global Ratings) Sept. 28, 2016--S&P Global Ratings assigned its '##' rating to South Broward Hospital District (SBHD), Fla.'s $180 million series 2016A health care revenue refunding bonds (d/b/a Memorial Healthcare System). In addition, S&P Global Ratings affirmed its '##' long-term rating on SBHD's series 2007, 2009, 2015 and 2016 bonds. We also affirmed our '##' underlying rating (SPUR) on the series 2007 bonds issued by the district. The outlook on all series of debt is stable. "The rating reflects SBHD's continued strong operating performance and cash flow, which has contributed to solid balance sheet growth, including high unrestricted reserves and light pro forma debt," said S&P Global Ratings analyst Stephen Infranco. Although SBHD is a safety net provider in south Broward County, the organization has forged a cost-efficient care delivery model that generates above-average cash flow and has allowed it to significantly minimize reliance on property tax receipts. In addition,...
