...S&P Global Ratings affirmed its 'A' long-term rating and underlying rating (SPUR) on Tarrant County Cultural Education Facilities Finance Corp., Texas' series 2015, 2013, 2009A, and 2009B bonds issued for Hendrick Health Systems (Hendrick). The outlook is stable. The rating reflects our opinion of Hendrick's solid positive operating performance and debt service coverage (DSC) during a period of being out of network with a significant commercial payer. Volumes seem to be rebounding in the last few months (about three months back in contract with the payer) and operating performance is improving as well. We assessed the enterprise profile as strong and its financial profile was very strong. Combined, these credit factors led to an indicative rating of 'a+'. As our criteria allows, the final rating may be within one notch of the indicative credit rating level. We feel that the 'A' rating better reflects some remaining capital projects to be completed, which will slightly dilute the reserves;...
