The Johns Hopkins Health System Obligated Group, Maryland; Hospital; System

S&P Global Ratings assigned its 'AA-' long-term rating to The Johns Hopkins Health System Obligated Group's (JHHS) series 2016 taxable bonds. At the same time, S&P Global Ratings affirmed its 'AA-' rating on Maryland Health&Higher Educational Facilities Authority's series 2015A bonds, issued for JHMI Utilities LLC (JHMI) and guaranteed by JHHS. The outlook on all ratings is stable. The rating on JHHS reflects the system's very strong enterprise profile, evidenced by its excellent reputation as the academic medical center for Johns Hopkins University School of Medicine; its solid market position in a sizable and diverse service area; coupled with a consistent financial profile, highlighted by stable, albeit modest, operational performance for the past several years, with expectations for

...S&P Global Ratings assigned its '##-' long-term rating to The Johns Hopkins Health System Obligated Group's (JHHS) series 2016 taxable bonds. At the same time, S&P Global Ratings affirmed its '##-' rating on Maryland Health & Higher Educational Facilities Authority's series 2015A bonds, issued for JHMI Utilities LLC (JHMI) and guaranteed by JHHS. The outlook on all ratings is stable. The rating on JHHS reflects the system's very strong enterprise profile, evidenced by its excellent reputation as the academic medical center for Johns Hopkins University School of Medicine; its solid market position in a sizable and diverse service area; coupled with a consistent financial profile, highlighted by stable, albeit modest, operational performance for the past several years, with expectations for continued modest operating surpluses over the next two years based on management's projections; and adequate liquidity and financial flexibility compared with similarly rated peers. While the debt from...

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