The outlook revision is based on a number of factors, including SLMC’s overall strong financial profile, solid profitability and strong debt service coverage. Offsetting these strengths are SLMC’s small revenue base and temporary drop in liquidity.
Fitch has also assigned an “A-” rating to SLMC’s $52 million of series 2016 bonds and affirmed the “A-” rating on SLMC’s outstanding series 2006 and 2012 bonds.
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