Moody's Investors Service assigned an "A1" rating to Mountain View, Calif.-based El Camino Hospital's proposed $286 million of series 2017 fixed-rate revenue bonds and maintained the "A1" rating on ECH's parity revenue bonds.
The ratings agency also assigned an "Aa1" rating to Mountain View, Calif.-based El Camino Healthcare District's $94.5 million of 2017 general obligation refunding bonds and maintained the "Aa1" rating on the district's $133.7 million of outstanding parity debt.
The "A1" ratings assignment is based on ECH's favorable balance sheet, utilization and operating performance metrics. The "Aa1" rating on the healthcare district's debt is based on its large and diverse tax base, modest debt burden and strong financial position, according to Moody's.
The outlook for the hospital is stable, reflecting Moody's Investors Service's expectation ECH will continue to achieve favorable operating measures in the foreseeable future and that its debt measures will improve over time. Moody's did not assign an outlook to the healthcare district.