Moody's assigns 'Aa3' rating to Lucile Packard Children's Hospital's bonds

Moody's Investors Service has assigned an "Aa3" rating to Palo Alto, Calif.-based Lucile Packard Children's Hospital's proposed series 2016A and series 2016B fixed rate revenue bonds, affecting $166 million.

The rating assignment is based on several factors, including LPCH's strong balance sheet, dominant market position and favorable revenue growth.

These strengths are offset by a high debt load and the execution of the final two years of a $1.2 billion hospital project.

The outlook is stable, reflecting Moody's expectation that following the completion of its new hospital in the summer of 2017 and an expected dip in operating performance and balance sheet strength, LPCH will begin to digest its high debt load.

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