S&P upgrades Phoenix Children's Hospital to 'A-'

S&P Global Ratings upgraded Phoenix Children's Hospital's long-term rating to "A-" from "BBB+."

Concurrently, S&P upgraded the hospital's $275.6 million series 2012A, $50 million series 2013B and its $225 million series 2013A bonds.

"The upgrade reflects our view of [Arizona's] replacement of supplemental funding with various rate increases to intergovernmental programs providing for a continuation of funding to PCH. The previous Safety Net Care Pool program [ended] in December 2017," said S&P Global Ratings credit analyst Melanie Her. "PCH will benefit from the state's rate adjustments allowing the hospital to receive a higher payment for high or complex acuity services."

The outlook is stable.

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