S&P Global Ratings assigned an "AA" rating to the Children's Hospital of Philadelphia's $177.7 million of series 2017 fixed-rate revenue bonds.
S&P also affirmed the following ratings on CHOP's bonds:
- "AA" long-term rating on its series 2014 fixed-rate revenue bonds
- "AA" long-term rating on its series 2011C fixed-rate revenue bonds
- "AA" long-term rating on its series 2011D fixed-rate revenue bonds
- "AA" long-term rating on its series 2007A fixed-rate revenue bonds
- "AA/A-1+" rating on its series 2011A variable-rate demand bonds
- "AA/A-1+" rating on its series 2011B variable-rate demand bonds
- "AA/A-1+" rating on its series 2005A variable-rate demand bonds
- "AA/A-1+" rating on its series 2002A variable-rate demand bonds
- "AA/A-1+" rating on its series 2002B variable-rate demand bonds
"The 'AA' rating reflects our view of such factors as CHOP's historically good volume growth, very solid market position, healthy maximum annual debt service coverage, strong unrestricted reserves and excellent fundraising record," said S&P analyst Suzie Desai.
The outlook is stable, reflecting S&P Global Ratings' opinion CHOP will maintain its leading market share and overall ability to generate good cash flow through the expansion of its services and reach.