...S&P Global Ratings assigned its '##' long-term rating on South Broward Hospital District, Fla.'s (SBHD; d/b/a Memorial Healthcare System) $98 million series 2018 hospital revenue bonds.) In addition, we affirmed the '##' long-term rating on various series of debt issued for SBHD. The outlook on all series of debt is stable. The rating reflects our expectation that SBHD's weaker, though still positive, fiscal 2018 results were largely due to some one-time items and we expect financial performance to improve in fiscal 2019 as management continues its investment in key operating strategies that should contribute to long-term financial stability. Results through the three-month interim period ended July 31, 2018, indicate operating and excess income are slightly ahead of budget and in line with prior year. Although SBHD is a safety net provider in south Broward County, the organization has forged a cost-efficient care delivery model that generates historically above-average cash flow and has...
