Moody's affirms 'Aa3' rating on Baylor Scott & White Health's bonds

Moody's Investors Service affirmed the "Aa3" long-term rating and the "Aa3/P-1" short-term rating on Dallas-based Baylor Scott & White Health's bonds, affecting $2.1 billion of debt.

The long-term rating affirmation is based on a number of factors, including the health system's position as the largest nonprofit health system in the state, favorable demographics and strong cash flow margins. The short-term rating affirmation is based on the health system's market access and ability to pay the purchase price of a mandatory tender when due at the end of the mandatory tender window.

The outlook is stable, reflecting Moody's Investors Service's favorable opinion of the health system's ability to respond to challenges quickly and expected improvement in its operating cash flow in fiscal year 2018.

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