Children#s Hospital of Philadelphia Revenue Bonds Assigned #AA# Rating

Stocks and Financial Services Press Releases Friday May 19, 2017 09:12
CHICAGO--19 May--S&P Global Ratings

CHICAGO (S&P Global Ratings) May 18, 2017--S&P Global Ratings assigned its 'AA' long-term rating to the Philadelphia Authority for Industrial Development' s $177.7 million series 2017 fixed-rate revenue bonds.

In addition, S&P Global Ratings affirmed its 'AA' long-term rating on the authority's series 2014 fixed-rate revenue bonds Finally, S&P Global Ratings affirmed its 'AA' long-term rating on the Philadelphia Hospitals and Higher Education Facilities Authority's series 2011C, 2011D, and 2007A fixed-rate revenue bonds and its 'AA/A-1+' rating on the Hospitals and Higher Education Facilities Authority's series 2011A, 2011B, 2005A, 2002A, and 2002B variable-rate demand bonds (VRDBs).

All bonds were issued on behalf of Children's Hospital of Philadelphia (CHOP). The outlook is stable. The 'AA' long-term component of the dual ratings on the various series of VRDBs is based on our view of CHOP.

The 'A-1+' short-term component of the ratings is based on our view of standby bond purchase agreements with Wells Fargo Bank N.A., all of which expire March 7, 2020.

The proceeds from the series 2017 bonds, and premium, will go toward the refinancing of CHOP's series 2007A fixed-rate bonds for annual debt service savings. "The 'AA' rating reflects our view of such factors as CHOP's historically good volume growth, very solid market position, healthy maximum annual debt service coverage, strong unrestricted reserves, and excellent fundraising record," said S&P Global Ratings credit analyst Suzie Desai.

The stable outlook reflects our view of CHOP's leading market share, national reputation, research leadership, and overall ability to generate good cash flow through expansion of services and reach regionally, nationally, and internationally.

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information.

Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and atwww.spcapitaliq.com.
All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.

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