Summary: South Broward Hospital District, Florida; System

S&P Global Ratings assigned its 'AA' rating on the South Broward Hospital District (SBHD), Fla.'s $200 million series 2016 health care revenue refunding bonds (d/b/a Memorial Healthcare System). In addition, S&P Global Ratings affirmed its 'AA' long-term rating on SBHD's series 2006, 2007, 2008, 2009, and 2015 bonds. We also affirmed our 'AA' underlying rating (SPUR) on the series 2003, 2006, and 2007 bonds issued by the district. The outlook on all series of debt is stable. The rating reflects SBHD's continued strong operating performance and cash flow, which has contributed to solid balance sheet growth, including high unrestricted reserves and light pro forma debt. Although SBHD is a safety net provider in south Broward County, the organization has forged

...S&P Global Ratings assigned its '##' rating on the South Broward Hospital District (SBHD), Fla.'s $200 million series 2016 health care revenue refunding bonds (d/b/a Memorial Healthcare System). In addition, S&P Global Ratings affirmed its '##' long-term rating on SBHD's series 2006, 2007, 2008, 2009, and 2015 bonds. We also affirmed our '##' underlying rating (SPUR) on the series 2003, 2006, and 2007 bonds issued by the district. The outlook on all series of debt is stable. The rating reflects SBHD's continued strong operating performance and cash flow, which has contributed to solid balance sheet growth, including high unrestricted reserves and light pro forma debt. Although SBHD is a safety net provider in south Broward County, the organization has forged a cost-efficient care delivery model that generates above-average cash flow and has allowed the organization to significantly minimize its reliance on property tax receipts. In addition, we believe SBHD has demonstrated strong enterprise...

Summary