South Carolina Jobs Economic Development Authority Palmetto Health; Joint Criteria; System Feb 11
Standard & Poors, February 2011
Abstract
Standard & Poor's Ratings Services affirmed its 'BBB+' long-term rating and underlying rating (SPUR) on the South Carolina Jobs Economic Development Authority's bonds issued on behalf of Palmetto Health. At the same time, Standard & Poor's affirmed its 'AAA/A-1' ratings based on the low-correlation joint support of Palmetto and Bank of America (A+) as the irrevocable direct-pay letter of credit provider (expires June 2013) for the series 2008A and 2008B variable-rate demand obligations. The outlook on all ratings is stable. The rating affirmation factors in the unrated $125 million series 2010A, 2010B, and 2010C direct bank purchase bonds to fund construction of the Parkridge Hospital, unrated $90 million series 2010D direct bank purchase bonds to fund other capital spending needs,...
Companies mentioned in this report are: Palmetto Hlth,South Carolina Jobs Econ Dev Auth
Action: Affirmed
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Palmetto Hlth,South Carolina Jobs Econ Dev Auth
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