Bon Secours Health System Inc., MD Outlook Revised To Positive On Enterprise Strengths, Steady Finances

Stocks and Financial Services Press Releases Wednesday February 7, 2018 09:12
BOSTON--7 Feb--S&P Global Ratings

BOSTON (S&P Global Ratings) Feb. 6, 2018--S&P Global Ratings revised its outlook to positive from stable and affirmed its 'A' long-term rating and underlying rating (SPUR) on Bon Secours Health System Inc. (BSHSI), Md.'s debt supported by various issuers.

"The positive outlook reflects BSHSI's ongoing enterprise strengths and steady financial profile that has shifted closer to our expectations for the 'A+' rating level," said S&P Global Ratings credit analyst Jennifer Soule. While we believe the system has characteristics of a higher rating, including overall healthy operations and a solid management team, we await improved financial performance across its dilutive affiliates through the two-year outlook period.

The rating reflects Bon Secours' healthy enterprise profile, characterized by its broad geographic coverage across multiple states, along with its incrementally improved financial profile, the consistency of its financial performance in recent years, and its overall positioning for future growth. We think these combined credit characteristics are indicative of the 'A' rating. We expect BSHSI's overall credit characteristics will continue to strengthen, with no debt plans through the next few years.

Management indicates it could consider new affiliates opportunistically but only if they are accretive to its overall mission and financial position. BSHSI's obligated group includes 12 acute-care facilities, three long-term-care facilities, and two physician groups. BSHSI owns a nursing home in New York, which is not a member of its obligated group. Our rating is based on our view of BSHSI's group credit profile (GCP) and the obligated group's "core" status.

Accordingly, the long-term rating matches the GCP. Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com.

All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.

Latest Press Release

Introducing Apiflex, Apigate's Partner Bundling Platform for Customer Acquisition and Retention

Apigate, a trusted provider to Telco Operators and Digital Merchants for reach, acquisition and monetisation, today announced the launch of its new dynamic content bundling platform "Apiflex". Apiflex enables Digital Merchants and Telco Operators to...

Filinvest and 'Plug and Play' form alliance to accelerate digital innovations in the Philippines

Leading Philippine conglomerate Filinvest Development Corporation and Plug and Play, considered the foremost global innovation platform, join forces to fuel innovations in property and real estate technology, as well as in adjacent sectors in energy and...

Fitch Affirms Five Thai NBFI Foreign Subsidiaries' National Ratings; Places Capital Nomura on RWN

Fitch Ratings (Thailand) has affirmed the National Long-Term Ratings on five Thai non-bank subsidiaries of foreign financial institutions as follows: CGS-CIMB Securities (Thailand) Co., Ltd. (CGS-CIMB TH) at 'A(tha)'; Stable Outlook.Capital Nomura...

Green Country Energy LLC Debt Rating Lowered To 'CCC+' On Higher Maintenance Spending; Outlook Negative

SAN FRANCISCO (S&P Global Ratings) May 26, 2020—S&P Global Ratings today took the rating actions listed above. Green Country Energy LLC (GCE) is a 795-megawatt (MW) natural-gas-fired combined cycle power plant in Jenks, Okla. The project...

Shanghai International Port 'A+' Rating Affirmed On Sufficient Resilience Against COVID-19; Outlook Stable

HONG KONG (S&P Global Ratings) May 26, 2020--S&P Global Ratings today took the rating actions listed above. We affirmed the ratings on Shanghai International Port (Group) Co. Ltd. (SIPG) because we expect the company's finances to withstand the...

Related Topics