Summary: Massachusetts Development Finance Agency Children's Hospital of Boston; Hospital; Joint Criteria

S&P Global Ratings affirmed its 'AA' long-term rating on Massachusetts Development Finance Agency's series P-1 and M bonds as well as its underlying ratings on the series N bonds issued for Children's Hospital Of Boston (Children's). At the same time, we affirmed our 'AAA/A-1+' long- and short-term ratings on the series N-3 (2010) as well as N-4 (2010) revenue bonds also issued for Children's. The outlook is stable. The rating reflects our view of Children's solid business position as a leading provider of pediatric services and its balance sheet strength, which we believe will allow the organization to support the significant capital spending planned in the next 10 years. We expect that Children's could issue $250 million in additional debt

...S&P Global Ratings affirmed its '##' long-term rating on Massachusetts Development Finance Agency's series P-1 and M bonds as well as its underlying ratings on the series N bonds issued for Children's Hospital Of Boston (Children's). At the same time, we affirmed our '###/A-1+' long- and short-term ratings on the series N-3 (2010) as well as N-4 (2010) revenue bonds also issued for Children's. The outlook is stable. The rating reflects our view of Children's solid business position as a leading provider of pediatric services and its balance sheet strength, which we believe will allow the organization to support the significant capital spending planned in the next 10 years. We expect that Children's could issue $250 million in additional debt in the next one to two years and spend down unrestricted reserves (possibly $600 million) all toward a total $3 billion capital plan through 2025. We believe there is capacity for this debt given the strong liquidity position and relatively low debt...

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