Moody's Investors Service assigned its "A1" rating to Sarasota (Fla.) County Public Hospital District's proposed $350 million series 2018 revenue bonds. The district does business as Sarasota Memorial Health Care System.
At the same time, Moody's affirmed its "A1" rating on the health system's $166 million of outstanding debt.
The assignment and affirmation are based on several factors, including the health system's leading market share, growing patient volume, excellent liquidity position and strong financial performance. Moody's acknowledged the risks associated with the health system's upcoming period of increased capital spending.
The outlook is stable, reflecting Moody's expectation that the health system's credit strengths will help it finance its capital projects on time and on budget.