South Broward Hospital District, Florida; Hospital; System

Standard&Poor's Ratings Services assigned its 'AA-' rating on the South Broward Hospital District (SBHD), Fla.'s series 2015 health care revenue bonds (d/b/a Memorial Healthcare System). In addition, Standard&Poor's affirmed its 'AA-' long-term rating on SBHD's series 2003A, 2003B, 2006, 2007, 2008, and 2009 bonds. The outlook is positive. Standard&Poor's also affirmed its 'AA-' underlying rating (SPUR) on the series 2003, 2006, and 2007 bonds issued by the district. The rating and continued positive outlook reflect SBHD's dominant market position and strong balance sheet with high unrestricted reserves and light pro forma debt and continued growth in earnings and margins. Although SBHD is a safety net provider in south Broward County, the organization has forged

...Standard & Poor's Ratings Services assigned its '##-' rating on the South Broward Hospital District (SBHD), Fla.'s series 2015 health care revenue bonds (d/b/a Memorial Healthcare System). In addition, Standard & Poor's affirmed its '##-' long-term rating on SBHD's series 2003A, 2003B, 2006, 2007, 2008, and 2009 bonds. The outlook is positive. Standard & Poor's also affirmed its '##-' underlying rating (SPUR) on the series 2003, 2006, and 2007 bonds issued by the district. The rating and continued positive outlook reflect SBHD's dominant market position and strong balance sheet with high unrestricted reserves and light pro forma debt and continued growth in earnings and margins. 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 the organization to significantly minimize its reliance on property tax receipts. However Florida's low income pool (LIP) proceeds...

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