...April 9, 2024 SAN FRANCISCO (S&P Global Ratings) April 9, 2024--S&P Global Ratings raised its long-term rating to '##' from '###-' on the University of Southern California's (USC) series 2018 USC Arcadia hospital bonds following completion of a note substitution. S&P Global Ratings affirmed its '##' long-term rating on USC's general obligation bonds outstanding. The outlook is stable. The '##' rating on the series 2018 hospital bonds reflects a new master trust indenture (MTI), in which USC and USC Arcadia are now both members of the USC obligated group. A note substitution of all of USC Arcadia's rated debt outstanding has been finalized such that all of the USC Arcadia rated debt outstanding now constitutes a joint and several general obligation of USC and USC Arcadia. As a result, a general obligation of USC and USC Arcadia is fully pledged to secure USC Arcadia's debt, and the long-term rating on USC Arcadia's debt has been raised to the USC long-term rating. "This note substitution...
