S&P Global Ratings assigned an "AA-" long-term rating to Oakland, Calif.-based Kaiser Permanente's $1.5 billion series A-1 and series A-2 fixed-rate tax-exempt bonds and its $500 million of series 2017B-E floating-rate notes.
The agency also assigned an "AA-" long-term rating to the health system's $2.1 billion of series 2017 fixed-rate taxable revenue bonds and its $300 million of series 2017 floating-rate notes.
S&P also affirmed the "AA-/A-1+" dual rating on Kaiser's existing debt.
"The rating assignment and affirmation reflects Kaiser Permanente's very strong and improving enterprise profile reflecting a favorable integrated business model and strong membership growth over the past three years," said S&P analyst Martin Arrick.
The outlook is stable, reflecting S&P Global Rating's view of the health system's strong enterprise profile, growing membership and strong financial operations.