S&P raises rating on Baptist Health's bonds to 'AA'

S&P Global Ratings upgraded the rating on Jacksonville, Fla.-based Baptist Health's series 2007A tax-exempt hospital revenue bonds to "AA" from "AA-."

The ratings agency also raised the rating on Florida-based Baptist Medical Center Jacksonville's series 2015 taxable healthcare revenue bonds to "AA" from "AA-."

"The upgrade reflects [Baptist Health's] continued positive operating performance, including historically strong operating margins and cash flow, which allows for increasing investment in its facilities and services to promote strategic growth while improving balance sheet strength, particularly sound liquidity and financial flexibility," said S&P analyst Stephen Infranco.

The outlook is stable, reflecting S&P Global Rating's expectation Baptist Health will maintain its strong business position, favorable operating results, financial strength and cash flow to support its five-year capital plan.

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