“The upgrade is based on the finalization of a member substitution in which Christus Health became the sole corporate member of Good Shepherd Health System,” said S&P analyst Patrick Zagar.
The ratings agency also assigned an “A+” long-term rating to the health system’s $69.2 million of series 2017A revenue refunding bonds, which will be used to fully refund the health system’s series 2015 bonds. Once GSHS’ merger with the Irving, Texas-based health system is finalized, S&P will remove the rating from the refunded bonds.
The outlook is stable, reflecting S&P Global Rating’s expectation Christus Health’s will maintain its strong market position and will build on its promise to improve GSHS’ fiscal 2017 operating income levels.
More articles on healthcare finance:
Moody’s affirms ‘A1’ rating on Jackson-Madison County General Hospital’s outstanding debt
Moody’s assigns ‘Caa1’ rating to Good Shepherd Health System’s bonds
Moody’s assigns ‘A1’ rating to Children’s Hospital & Medical Center’s bonds
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