Standard & Poor's Ratings Services said it raised its long-term rating to A from A-minus on Albany Industrial Development Agency, N.Y.'s $207 million series 2008A, 2008B, 2008C, 2008D, and 2008E fixed rate bonds and Albany City Capital Resource Corp., N.Y.'s $33 million series 2011 fixed rate bonds issued for St. Peter's Hospital.
The outlook is stable.
"The upgrade reflects the historical two-notch relationship between the rating on St. Peter's Health Partners and the rating on St. Peter's Health's former parent corporation, Catholic Health East, which has now merged with Trinity Health to become CHE Trinity Health," said Standard & Poor's credit analyst Cynthia Keller.
CHE Trinity plans to form a single obligated group with the imminent issuance of its series 2013 bonds which S&P has rated AA-minus. St. Peter's Health Partners (SPHP) will not be a part of the obligated group because of regulations that prohibit New York hospitals from participating in multistate obligated groups.
