Standard & Poor's Ratings Services said it raised its long-term rating to A-plus from A on the Miami-Dade County Health Facilities Authority's $105.4 million series 2013 fixed-rate bonds, $25.6 million series 2011 fixed-rate revenue bonds, $41.3 million series 2010A fixed-rate revenue bonds, and $63.7 million direct placement series 2010B variable-rate bonds, issued for Miami Children's Hospital (MCH), which is now doing business as Nicklaus Children's Hospital (NCH).
NCH is part of Miami Children's Health System Inc. (MCHS). The outlook is stable.
"The rating action reflects the application of our U.S. not-for-profit acute care stand-alone hospital criteria as well as our view of MCHS' healthy operating performance, decreasing debt, and improving unrestricted reserves," said Standard & Poor's credit analyst Suzie Desai.
The stable outlook reflects MCHS' consistently robust operating performance and debt service coverage and growth in unrestricted reserves during the past few years.
