S&P Global Ratings assigned its "BBB-" rating to Watertown, N.Y.-based Samaritan Medical Center's proposed series 2017A and series 2017B hospital revenue bonds.
The assignment is a result of SMC's dominant market position, large military patient presence, improved operating performance, favorable cash flow and solid debt service coverage. S&P also acknowledged the medical center's weaker liquidity metrics and limited population base.
The outlook is stable, reflecting S&P's expectation that SMC will maintain positive margins and continue to generate debt service coverage to improve its balance sheet.