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 for further information. Complete ratings information is available to subscribers of RatingsDirect at

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

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