Summary: Washington Health Care Facilities Authority Providence St. Joseph Health; Joint Criteria

S&P Global Ratings assigned its 'AA+/A-1' long-term dual rating to Providence St. Joseph Health (PSJH), Wash.'s $100 million taxable series 2016G bonds. The outlook on the long-term underlying rating (SPUR) is stable. The 2016G bonds are being issued as variable-rate bonds. The long-term component of the rating reflects the joint support of the letters of credit (LOC) provided by The Bank of Tokyo-Mitsubishi UFJ, LTD. and the SPUR on Providence St. Joseph Health the obligor, assuming a low correlation level. The short-term component of the rating solely reflects our short-term rating on The Bank of Tokyo-Mitsubishi UFJ Ltd. Pursuant to the terms of the bond documents, the trustee is directed to first pay principal and interest, and the redemption price

...S&P Global Ratings assigned its '##+/A-1' long-term dual rating to Providence St. Joseph Health (PSJH), Wash.'s $100 million taxable series 2016G bonds. The outlook on the long-term underlying rating (SPUR) is stable. The 2016G bonds are being issued as variable-rate bonds. The long-term component of the rating reflects the joint support of the letters of credit (LOC) provided by The Bank of Tokyo-Mitsubishi UFJ, LTD. and the SPUR on Providence St. Joseph Health the obligor, assuming a low correlation level. The short-term component of the rating solely reflects our short-term rating on The Bank of Tokyo-Mitsubishi UFJ Ltd. Pursuant to the terms of the bond documents, the trustee is directed to first pay principal and interest, and the redemption price from amounts received from draws made on the LOC. If the LOC bank fails or refuses to honor a draw, the trustee is directed to pay such principal and interest from funds held by the trustee; in the event such funds are insufficient to make...

Summary