...S&P Global Ratings' long-term rating on South Broward Hospital District, Fla.'s (SBHD; d/b/a Memorial Healthcare System) various series of debt issued for SBHD is '##'. The outlook on all series of debt is stable. The rating reflects a favorable and consistent financial profile, with continued positive operating results despite being located in a competitive service area. However, management indicates the system is encountering some challenges in fiscal 2020 associated with softer volume as well as a continued change in treatment patterns, particularly increasing observation cases. While there has been some slight margin compression in the interim period, we expect financial performance will remain consistent in fiscal 2020 as management focuses on cost savings initiatives and continues its investment in key operating strategies that should contribute to long-term financial stability. Results through the eight-month interim period ended Dec. 31, 2019, indicate operating and excess income...
