Summary: South Carolina Jobs-Economic Development Authority Prisma Health; Joint Criteria

S&P Global Ratings affirmed its 'AA+/A-1+' rating on South Carolina Jobs-Economic Development Authority's series 2018B variable-rate hospital revenue bonds, issued for Prisma Health Obligated Group. The affirmation reflects our opinion of the new direct-pay letter of credit (LOC) from TD Bank N.A., replacing the LOC provided by U.S Bank N.A. for the series 2018B bonds. The rating reflects our view of the application of our joint criteria, using low correlation. The long-term component of the rating reflects the joint support between the irrevocable direct-pay LOC issued by TD Bank N.A. and the underlying rating (SPUR) of the obligor, Prisma Health. The short-term component of the rating solely reflects the short-term rating of the LOC provider, TD Bank N.A. Pursuant to

...S&P Global Ratings affirmed its '##+/A-1+' rating on South Carolina Jobs-Economic Development Authority's series 2018B variable-rate hospital revenue bonds, issued for Prisma Health Obligated Group. The affirmation reflects our opinion of the new direct-pay letter of credit (LOC) from TD Bank N.A., replacing the LOC provided by U.S Bank N.A. for the series 2018B bonds. The rating reflects our view of the application of our joint criteria, using low correlation. The long-term component of the rating reflects the joint support between the irrevocable direct-pay LOC issued by TD Bank N.A. and the underlying rating (SPUR) of the obligor, Prisma Health. The short-term component of the rating solely reflects the short-term rating of the LOC provider, TD Bank N.A. Pursuant to bond document terms, the trustee is directed to first pay principal, interest, and the redemption price from amounts received from draws made on the LOC. If the trustee has not received funds from the LOC provider to make...

Summary