Avera Health, SD#s Series 2017 Revenue Bonds Rated #AA-#

Stocks and Financial Services Press Releases Tuesday September 19, 2017 08:43
NEW YORK--19 Sep--S&P Global Ratings

NEW YORK (S&P Global Ratings) Sept. 18, 2017--S&P Global Ratings has assignedits 'AA-' long-term rating to South Dakota Health and Education FacilitiesAuthority's series 2017 revenue bonds issued for Avera Health (Avera). At thesame time, S&P Global Ratings affirmed its 'AA-' rating on the authority'svarious bonds outstanding, also issued for Avera.

S&P Global Ratings also affirmed its 'A+' rating, with a stable outlook, onEstherville, Iowa's hospital facility revenue debt, issued for Avera HolyFamily Hospital. The rating reflects a guarantee from Avera McKennan, which ispart of Avera. The McKennan guarantee, though unconditional, is not on parwith Avera's obligated group debt, therefore, we rate it one notch below ourrating on Avera's bonds. Gross revenue from Avera Holy Family, acritical-access hospital, secures the bonds. We expect Avera Holy Family andits debt to become part of the obligated group. Once the transaction iscomplete, we will raise the rating to reflect this change.

"The 'AA-' rating reflects our assessment of Avera's strong business position,with a large presence that accounts for more than 40% of discharges acrossfive states, and its integrated-delivery model that covers the full continuumof care, including two health plans," said S&P Global Ratings credit analystMargaret Carr.

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