Summary: Providence St. Joseph Health, Washington; System

S&P Global Ratings assigned its 'AA-' long-term rating to Providence St. Joseph Health (PSJH) Wash.'s $341 million taxable series 2016H and $341 million taxable series 2016I bonds. The outlook is stable. Last month, we affirmed our outstanding ratings on the debt of various issuers, which were issued on behalf of the two organizations that came together to form PSJH on July 1, 2016—specifically, Providence Health&Services (PH&S) and the St. Joseph Health System (SJHS)--see the full analysis on RatingsDirect dated Aug. 17, 2016). Under the plan of finance, a single obligated group will be created with the closing of a series of bond issues including these series, as well as the bonds that were issued in August. The closing

...S&P Global Ratings assigned its '##-' long-term rating to Providence St. Joseph Health (PSJH) Wash.'s $341 million taxable series 2016H and $341 million taxable series 2016I bonds. The outlook is stable. Last month, we affirmed our outstanding ratings on the debt of various issuers, which were issued on behalf of the two organizations that came together to form PSJH on July 1, 2016--specifically, Providence Health & Services (PH&S) and the St. Joseph Health System (SJHS)--see the full analysis on RatingsDirect dated Aug. 17, 2016). Under the plan of finance, a single obligated group will be created with the closing of a series of bond issues including these series, as well as the bonds that were issued in August. The closing is scheduled to occur by the end of September 2016. Since our last review in August, the plan of finance has changed somewhat and the two new series (H and I) are fixed-rate bullet maturities expected in 10 and 30 years. These two issues replace the prior plan of finance,...

Summary