S&P Global Ratings assigned its 'AA-' long-term rating to Public Finance Authority, Wisconsin's $101.705 million series 2021C revenue refunding bonds, issued for Providence St. Joseph Health, Wash. (PSJH). The outlook is stable. Proceeds from the series 2021C bonds will refund a portion of PSJH's existing debt. The bonds are secured by an unsecured general obligation pledge of PSJH's obligated group. The rating reflects our view of PSJH's enterprise profile, characterized by excellent geographic and financial dispersion and leading market positions in all of its seven regionally centered markets, although the level of competition varies considerably across the regions. The rating also incorporates our view of PSJH's balance sheet, with adequate unrestricted reserves and a relatively light debt load. We believe
