Hospital for Special Surgery, NY 2018 Taxable Bonds Rated #A+#

Stocks and Financial Services Press Releases Friday March 16, 2018 10:27
NEW YORK--16 Mar--S&P Global Ratings

NEW YORK (S&P Global Ratings) March 15, 2018--S&P Global Ratings assigned its 'A+' rating to Hospital for Special Surgery's (HSS) $180 million series 2018 taxable bonds. The outlook is stable. HSS will use proceeds of the bonds to refinance its Federal Housing Administration (FHA) mortgage-backed debt and provide $38 million for future capital expenditures.

"We assessed HSS' enterprise profile as very strong reflecting the inherent strengths associated with HSS' clinical reputation and unique capabilities, broad and economically diverse service area, growing demand for services, and expanding access points including Connecticut, internationally, and planned expansion into Florida," said S&P Global Ratings credit analyst Cynthia Keller. "We assessed HSS' financial profile as strong reflecting solid margins and cash flow, moderate debt metrics, and unrestricted reserves generally in line with expectations when compared with debt."

The stable outlook reflects organizational strength from HSS' enterprise profile including location in a large and demographically favorable market and strong regional and national reputation. We recognize that there could be some pressure on HSS' financial profile, but expect that management will conservatively manage its capital spending and that planned expansion and revenue growth will provide opportunity for improved cash flow and margins.

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.capitaliq.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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