The “AA-/A-1+” rating is based on S&P’s low-correlation joint criteria, where the long-term component is determined based on MHHC and the provider of the letter of credit. The short term component is based on the letter of credit provider.
The outlook was revised to stable from positive.
“The outlook revision reflects our view of Morris’ softer operations and our anticipation that the current level will be sustained during the near term,” said Brian Williamson, an S&P Global Ratings credit analyst. “The outlook revision also reflects our view of Morris’ plan to move forward with long-term plans to enhance its current campus with the potential issuance of debt.”
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