S&P Global Ratings today assigned its 'AA/A-1' dual ratings to the Maryland Health and Higher Educational Facilities Authority revenue bonds, issued for the University of Maryland Medical System (UMMS) series 2025C-1 and 2025C-2, which reflect the application of our low-correlation joint criteria. We also assigned our 'A' S&P underlying rating (SPUR) on the same series 2025C-1 and C-2 health care revenue bonds. The outlook on the SPUR is stable. A revenue pledge of the obligated group secures the bonds. The obligated group includes all of UMMS' wholly owned acute-care hospitals and The Foundation. Nonobligated members include its owned physician practices and a joint venture, Mt. Washington Pediatric Hospital, which UMMS owns jointly with Johns Hopkins Health System, among other subsidiaries.
