South Carolina Jobs Economic Development Authority Prisma Health; Joint Criteria; System

S&P Global Ratings assigned its 'A' long-term rating to the South Carolina Jobs Economic Development Authority's $587 million series 2018A fixed-rate bonds and $75 million series 2018C R-FLOAT bonds, issued for Prisma Health (formerly known as SC Health Company). The bonds were issued under a master trust indenture, which now includes both Upstate Affiliate Organization (doing business as Greenville Health System [GHS]) and Palmetto Health (Palmetto) within the obligated group. At the same time, we affirmed our 'A' long-term rating on Palmetto's legacy series 2005A and 2016A bonds, and GHS' legacy series 1990, 2008A, 2012, and 2014B debt. We also affirmed our 'AA+/A-1+' dual rating on GHS' series 2008B variable rate demand bonds (VRDBs), which are supported by a letter

...S&P Global Ratings assigned its 'A' long-term rating to the South Carolina Jobs Economic Development Authority's $587 million series 2018A fixed-rate bonds and $75 million series 2018C R-FLOAT bonds, issued for Prisma Health (formerly known as SC Health Company). The bonds were issued under a master trust indenture, which now includes both Upstate Affiliate Organization (doing business as Greenville Health System [GHS]) and Palmetto Health (Palmetto) within the obligated group. At the same time, we affirmed our 'A' long-term rating on Palmetto's legacy series 2005A and 2016A bonds, and GHS' legacy series 1990, 2008A, 2012, and 2014B debt. We also affirmed our '##+/A-1+' dual rating on GHS' series 2008B variable rate demand bonds (VRDBs), which are supported by a letter of credit from US Bank. We based the long-term rating component on the application of joint criteria between US Bank and the 'A' rating on Prisma Health. The short-term rating component reflects the 'A-1+' short-term rating...

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