...S&P Global Ratings assigned its '##' rating to South Broward Hospital District (SBHD; d/b/a Memorial Healthcare System), Fla.'s $115.180 million series 2017 health care revenue refunding bonds. In addition, S&P Global Ratings affirmed its '##' long-term rating on SBHD's series 2016A, 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 overall financial profile as evidenced by operating performance and key balance metrics that are consistent with the '##' rating. SBHD maintains good operating performance, sound coverage and solid balance sheet metrics, including high unrestricted reserves and light pro forma debt. Although SBHD is a safety net provider in south Broward County, the organization has forged a cost-efficient care delivery model that generates historically above-average cash flow and has allowed it to significantly...
