The upgrade reflects credit substitution of a new obligated group and master trust indenture, which consists of Renton, Wash.-based Providence Health & Services and St. Joseph Health System. Together, the two formed Renton, Wash.-based Providence St. Joseph Health.
The upgrade is based on a number of strengths, including PSJH’s large service area and leading share in most of its markets.
The outlook is stable, reflecting Moody’s Investors Service’s assumption that the integration of the two organizations will proceed without significant difficulty.
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