Summary: Connecticut Health&Educational Facilities Authority Ascension Health Alliance, Missouri; Hospital

S&P Global Ratings assigned its 'A-1+' short-term rating to Connecticut Health&Educational Facilities Authority's $21.9 million series 1999B bonds, issued for Ascension Health Alliance (Ascension), Mo. Ascension's series 1999B bonds are currently in a fixed-rate mode and are rated 'AA+' by S&P Global Ratings. Upon the March 1, 2019, mandatory tender date, the bonds will be reoffered in a weekly variable rate mode and will be rated 'AA+/A-1+'. The outlook is stable. The 'AA+' long-term component of our dual ratings is based on our view of Ascension's credit quality, while the 'A-1+' short-term component is based on our view of Ascension's self-liquidity. Ascension has identified several sources of funds--cash, short-term funds, lines of credit, long-term funds, and eligible equity

...The stable outlook reflects our view that Ascension's exceptional enterprise profile will be maintained as management focuses on implementing its strategy around care delivery and new business models. While its financial profile remains sound, we recognize that operations have weakened but coverage remains solid as cash flow has been buttressed by strong non-operating revenue including the benefit of the Solutions Division. Ascension's considerable liquidity position continues to be a strength as well. Furthermore, we believe these strengths solidify its overall credit profile and afford additional financial flexibility at the current rating level during the two-year outlook period....

Summary