Additionally, S&P assigned its “A+” rating to Lucile Salter Packard Children’s Hospital’s $200 million series 2017A hospital revenue bonds.
“The rating change reflects a combination of factors which we believe make LPCH less flexible financially, particularly as the organization is gearing up to open and transition to a new hospital,” Suzie Desai, an S&P Global Ratings credit analyst, said.
The assignment is based on several factors, including the hospital’s strong market position, affiliation with Stanford University, healthy revenue base and solid unrestricted reserves. S&P also acknowledged the hospital’s increased capital spending and recently light operating income.
The outlook is stable.
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