Summary: Main Line Health System, Pennsylvania; System

Standard&Poor's Ratings Services revised its outlook to positive from stable and affirmed its 'AA' rating on the series 2010A and 2012A fixed-rate bonds issued by various authorities for Main Line Health System (MLH), Pa., formerly known as Jefferson Health System (JHS). The positive outlook reflects MLH's robust earnings, cash flow, and debt service coverage (DSC), which improved in 2015 despite operational challenges involved in legally separating from Thomas Jefferson University Hospitals (TJUH) on June 30, 2014. MLH has filled out its own management team, corporate services, and board although it continues to have a close working relationship with TJUH. In our opinion, MLH's very strong balance sheet, with excellent unrestricted reserves and extremely low outstanding debt, its strong

...Standard & Poor's Ratings Services revised its outlook to positive from stable and affirmed its '##' rating on the series 2010A and 2012A fixed-rate bonds issued by various authorities for Main Line Health System (MLH), Pa., formerly known as Jefferson Health System (JHS). The positive outlook reflects MLH's robust earnings, cash flow, and debt service coverage (DSC), which improved in 2015 despite operational challenges involved in legally separating from Thomas Jefferson University Hospitals (TJUH) on June 30, 2014. MLH has filled out its own management team, corporate services, and board although it continues to have a close working relationship with TJUH. In our opinion, MLH's very strong balance sheet, with excellent unrestricted reserves and extremely low outstanding debt, its strong market position in a demographically favorable service area and healthy philanthropy all support the '##' rating and could support a higher rating over time. MLH has concrete capital plans to expand its...

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