S&P Global Ratings upgraded the rating on Renton, Wash.-based Valley Medical Center's series 2010A and 2010B revenue bonds to "A-" from "BBB+." At the same time, S&P downgraded Valley Medical Center's series 2016 and 2008B general obligation bonds to "A-" from "A."
The rating change is a result of the hospital's healthy business position and solid market share. S&P also acknowledged the medical center's weakened fiscal year 2017 performance as a result of one-time events, including a substantial shift in the payer mix. S&P expects the medical center to post significant improvements in fiscal year 2018.
The outlook is stable.