S&P Global Ratings upgraded the long-term rating and underlying rating on Mountain View, Calif.-based El Camino Hospital's series 2017A and 2015A revenue bonds to "AA" from "A+."
Concurrently, S&P affirmed its "AA" long-term rating and underlying rating on El Camino Hospital's series 2017 and 2006 general obligation bonds.
The upgrade and affirmation are based on several factors, including the hospital's improving financial performance, exceptional cash on hand metrics and stable market position. S&P also acknowledged the hospital's upcoming period of elevated capital spending.
The outlook is stable.