Moody's Investors Service has assigned an "Aa3" rating to Wash.-based Providence Health & Services' series 2015 A&B bonds, affecting approximately $4 billion issued by the Washington Health Care Facilities Authority (Olympia).
The series A bonds have their final maturity in 2045 and the series B bonds have their final maturity in 2036.
The rating assignment was based on a number of factors, including an improvement in operating performance, stable balance sheet measures and PHS' leadership positions in most of its markets.
The rating could be pressured by deteriorated operating performance and a dilution of balance sheet and debt measures.
The rating outlook is stable.