S&P Global Ratings revised Orlando Health's outlook to positive from stable. The agency also affirmed the "A" long-term rating and underlying rating on the health system's bonds.
The ratings affirmation is based on a variety of factors, including the health system's consistently strong operating performance in recent years and improved balance sheet metrics.
"The outlook revision reflects our assessment of Orlando Health's multiple years of very strong operations and cash flow, contributing to sustained coverage of maximum annual debt service exceeding 5x, coupled with improvement in key balance sheet metrics that generally reflect a higher rating," said S&P analyst Margaret McNamara.