S&P rates Sutter Health's refunding bonds

S&P has assigned an "AA-" long-term rating to $200 million of series 2015A refunding revenue bonds issued on behalf of Sacramento, Calif.-based Sutter Health by the California Health Facilities Financing Authority.

S&P also affirmed its outstanding "AA-" long-term and underlying ratings on Sutter Health's existing debt.

"The rating on Sutter Health reflects a strong enterprise profile largely in the northern California [region], combined with a solid financial profile," said S&P credit analyst Martin Arrick.

Sutter's financial profile has long been characterized by strong margins and cash flow generating sound coverage consistent with the rating, tempered by a balance sheet that while strong overall and improving, is only adequate for the current rating, according to S&P.

The system's rating outlook is stable.

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