S&P Global Ratings' long-term rating on various series of debt issued for South Broward Hospital District (SBHD; doing business as Memorial Healthcare System), Fla. is 'AA'. The outlook on all ratings is stable. SBHD's debt obligations are secured by a gross receipts pledge of the obligated group. SBHD, a public entity created under Florida law, owns four hospitals, and leases a fifth in southern Broward County. It also owns a nursing home and various outpatient and primary care clinics throughout the region. As a public entity, SBHD could levy taxes up to a constitutional cap of 2.5 mills. The rating reflects SBHD's solid financial profile, with continued positive, albeit more moderate, operating performance, consistent coverage of maximum annual debt services
