Standard & Poor's Ratings Services raised its long-term ratings to 'AA' from 'AA-' and also raised its dual ratings, where applicable, to 'AA/A-1+' and 'AA/A-1' from 'AA-/A-1+' and 'AA-/A-1', for various series of bonds all issued for Texas Health Resources (Texas Health). The 'AA' ratings are based on our view of Texas Health's group credit profile (GCP) and the obligated group's "core" status. Accordingly, we rate the bonds at the same level as the GCP. The outlook is stable.
"Texas Health's operating performance continued its strong trend in fiscal 2013, which combined with additional growth in unrestricted reserves, further supported Texas Health's strong track record of managing operations in the high-growth environment of Dallas-Fort Worth," said Standard & Poor's credit analyst Kevin Holloran.
The 'AA', long-term component of the dual ratings is based on the long-term rating on Texas Health's debt. The 'A-1+' short-term component of the dual rating on the series 2012B, 2008A, and 2008B bonds is based on Texas Health's self-liquidity, and the 'A-1' short-term component of the dual rating on the series 2008C bonds is based on JPMorgan Chase Bank N.A. as the provider of a standby bond purchase agreement for the series 2008C bonds.
Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and at www.spcapitaliq.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com.
Standard & Poor's Ratings Services, part of McGraw Hill Financial (NYSE: MHFI), is the world's leading provider of independent credit risk research and benchmarks. We publish more than a million credit ratings on debt issued by sovereign, municipal, corporate and financial sector entities. With over 1,400 credit analysts in 25 countries, and more than 150 years' experience of assessing credit risk, we offer a unique combination of global coverage and local insight. Our research and opinions about relative credit risk provide market participants with information and independent benchmarks that help to support the growth of transparent, liquid debt markets worldwide.