S&P Global Ratings assigned its 'A' long-term rating to Providence St. Joseph Health (PSJH), Wash.'s $585 million series 2023 taxable fixed-rate bonds. The outlook is negative. A general obligation of the obligated group secures the series 2023 taxable bonds. The obligated group has covenanted in the master trust indenture that it will not allow any lien or security interest of any kind upon the property of the obligated group, including revenue, to secure debt, except as permitted under the master trust indenture. The proceeds from the series 2023 taxable bonds will be used to refund portions of PSJH's debt, including taxable series 2005, taxable series 2013D, a term loan with Morgan Stanley, and some additional principal payments on debt. Proceeds
