S&P Global Ratings' long-term rating on South Broward Hospital District, Fla.'s (SBHD; doing business as Memorial Healthcare System) various series of debt is 'AA'. The outlook on all ratings is stable. The rating reflects our view of the district's trend of positive operating results that continued through 2020-2021 despite the significant negative affects of the COVID-19 pandemic. Elective surgeries were intermittently shut down from April through September 2020 due to government mandates and bed shortages, while labor and supply scarcity drove higher costs. SBHD recognized approximately $193 million of CARES Act and other COVID-19 relief funds to date, most of which were received in fiscal 2021. With this support and an experienced management team that successfully operated through the challenges
