(Editor's Note: On Sept. 28, 2020, we corrected an error in the 2019 operating EBIDA margin.)
Health care systems generally follow median trends exhibited across the acute care sector, however with benefits from increased economic, business, and geographic dispersion that can lower volatility, the trends can sometimes be more moderate. This has led to a generally stable rating distribution overall compared with the distribution in August 2019 (see chart 1). However, a longer three-year view shows incremental shifts away from the 'AA' category and increases in the 'BBB' category.
While these financial medians do not yet reflect financial stress from the COVID-19 pandemic, we are already seeing a negative shift in the outlook distribution, which we believe could unfavorably influence the future rating distribution and fiscal 2020 medians. The June 30 health care system outlook distribution is significantly less favorable this year compared to the distribution published last year with 17% of health care systems carrying a negative rating outlook compared with just 5% last year (see chart 2). The number of positive outlooks has been relatively modest over the years, but has also been declining. While we have seen a rise in negative outlooks assigned to health care systems, the percent of negative outlooks is still lower when compared with our stand-alone hospitals.
The medians for all health care systems in 2019 remained generally stable overall compared with 2018 (see table 1). Additionally, unrestricted reserves relative to contingent liabilities continues a multi-year trend of improvement accelerated by recently low interest rates incentivizing long term public fixed rate financings. The defined benefit pension plan funding ratio dipped slightly due to declining discount rates. Rating trends by category (see table 2) and rating level (see tables 3A and 3B) are similar and especially consistent at the 'A' and 'AA' rating levels and categories. We have excluded medians on the speculative grade systems due to the small sample size of two.
S&P Global Ratings has ratings outstanding on 153 health care systems of which 146 (95%) are included in these median ratios. The number of rated health care systems has been fairly stable (we rated 151 systems last year), although revenue growth has been healthy as systems continue to actively participate in mergers and acquisitions.
Ratio Analysis
We view ratio analysis as an important tool in our assessment of the credit quality of not-for-profit health care organizations in addition to other key considerations, including our analysis of enterprise profile factors, the economic and regulatory environment, and forward looking views relative to both the business and financial positions. The median ratios offer a snapshot of the financial profile and help in the comparison of credits across rating categories. Tracking median ratios over time also presents a clearer understanding of industrywide trends and provides a tool to better assess the sector's future credit quality. Because of the intertwining of mission and operations among all members of an organization, the financial statements we generally use for the medians and our analyses are the system wide results, which include results for obligated and non-obligated group members.
Chart 1
Chart 2
Table 1
U.S. Not-For-Profit Health Care System Medians | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fiscal year | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||
Sample size | 146 | 142 | 144 | 146 | 142 | 140 | 138 | 143 | ||||||||||
Statement of operations | ||||||||||||||||||
Net patient revenue (NPR; $000) | 2,519,213 | 2,397,747 | 2,203,429 | 2,022,277 | 1,873,321 | 1,718,626 | 1,590,127 | 1,471,157 | ||||||||||
Total operating revenue ($000) | 2,877,252 | MNR | MNR | MNR | MNR | MNR | MNR | MNR | ||||||||||
Salaries & benefits/NPR (%) | 58.3 | 57.9 | 57.9 | 57.2 | 56.4 | 57.8 | 57.7 | 57.5 | ||||||||||
Maximum annual debt service coverage (x) | 4.4 | 4.4 | 4.5 | 4.3 | 5.0 | 4.6 | 4.2 | 4.2 | ||||||||||
Operating lease-adjusted coverage (x)* | 3.4 | 3.2 | 3.5 | 3.1 | 3.4 | 3.4 | 3.3 | 3.1 | ||||||||||
Debt burden (%) | 2.2 | 2.2 | 2.2 | 2.3 | 2.3 | 2.4 | 2.6 | 2.7 | ||||||||||
EBIDA ($000) | 303,095 | 282,188 | 265,041 | 223,165 | 278,605 | 247,243 | 204,975 | 198,121 | ||||||||||
Nonoperating revenue/total revenue (%) | 1.9 | 1.7 | 2.1 | 1.1 | 2.0 | 2.6 | 2.5 | 1.8 | ||||||||||
EBIDA margin (%) | 9.8 | 10.0 | 10.3 | 9.9 | 11.5 | 12.0 | 11.3 | 11.6 | ||||||||||
Operating EBIDA margin (%) | 8.4 | 8.3 | 8.3 | 9.0 | 10.2 | 9.5 | 9.1 | 9.7 | ||||||||||
Operating margin (%) | 2.7 | 2.3 | 2.2 | 2.4 | 3.6 | 2.9 | 2.2 | 2.9 | ||||||||||
Excess margin (%) | 4.3 | 3.9 | 4.5 | 3.7 | 5.3 | 5.1 | 4.2 | 4.7 | ||||||||||
Capital expenditures/depr. & amort. exp. (%) | 134.4 | 133.3 | 132.3 | 125.1 | 126.0 | 123.8 | 130.0 | 130.2 | ||||||||||
Balance sheet | ||||||||||||||||||
Average age of plant (years) | 11.0 | 10.6 | 10.8 | 10.6 | 10.5 | 10.4 | 10.5 | 10.4 | ||||||||||
Cushion ratio (x) | 25.1 | 24.0 | 22.9 | 21.4 | 21.4 | 19.6 | 18.2 | 17.3 | ||||||||||
Days' cash on hand | 218.3 | 213.3 | 205.5 | 197.6 | 205.5 | 203.1 | 204.6 | 193.8 | ||||||||||
Days in accounts receivable | 46.5 | 45.8 | 47.8 | 48.2 | 48.0 | 48.1 | 50.2 | 50.8 | ||||||||||
Cash flow/total liabilities (%) | 14.9 | 14.3 | 15.3 | 13.9 | 16.2 | 16.9 | 15.0 | 14.6 | ||||||||||
Unrestricted reserves ($000) | 1,604,728 | 1,484,081 | 1,402,672 | 1,213,897 | 1,191,485 | 1,086,026 | 901,350 | 834,947 | ||||||||||
Unrestricted reserves/long-term debt (%) | 175.6 | 175.1 | 173.3 | 169.5 | 161.0 | 153.4 | 141.5 | 137.3 | ||||||||||
Unrestricted reserves/contingent liabilities (%)* | 645.8 | 594.1 | 546.3 | 507.6 | 462.6 | 451.2 | MNR | MNR | ||||||||||
Contingent liabilities/long-term debt (%)* | 28.7 | 31.8 | 33.2 | 31.9 | 34.4 | 36.7 | MNR | MNR | ||||||||||
Long-term debt/capitalization (%) | 31.6 | 31.7 | 32.3 | 34.0 | 33.7 | 34.6 | 35.1 | 39.2 | ||||||||||
DB pension funded status (%)* | 81.8 | 84.8 | 81.0 | 74.0 | 78.2 | 82.0 | 83.6 | 68.7 | ||||||||||
Pension-adjusted long-term debt/capitalization (%)* | 34.5 | 33.9 | 34.9 | 37.3 | 38.2 | 38.2 | 37.8 | 42.9 | ||||||||||
MNR--median not reported. *These five ratios are only for organizations that have defined-benefit (DB) pension plans, operating leases, or contingent liabilities. |
Table 2
U.S. Not-For-Profit Health Care System Medians By Rating Category -- 2019 vs. 2018 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
AA | A | BBB | ||||||||||||
Fiscal year | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||
Sample size | 65 | 66 | 66 | 60 | 13 | 14 | ||||||||
Statement of operations | ||||||||||||||
Net patient revenue (NPR; $000) | 3,603,041 | 3,178,449 | 2,345,110 | 2,265,892 | 1,767,828 | 1,764,142 | ||||||||
Total operating revenue ($000) | 4,190,784 | MNR | 2,605,688 | MNR | 2,034,197 | MNR | ||||||||
Salaries & benefits/NPR (%) | 57.1 | 57.5 | 58.5 | 58.4 | 62.6 | 62.5 | ||||||||
Maximum annual debt service coverage (x) | 5.9 | 5.7 | 3.7 | 3.8 | 2.5 | 2.6 | ||||||||
Operating lease-adjusted coverage (x)* | 4.2 | 4.4 | 3.0 | 2.9 | 2.1 | 2.1 | ||||||||
Debt burden (%) | 1.9 | 2.0 | 2.3 | 2.4 | 2.0 | 2.1 | ||||||||
EBIDA ($000) | 454,459 | 427,269 | 247,851 | 214,879 | 114,960 | 94,422 | ||||||||
Nonoperating revenue/total revenue (%) | 2.3 | 2.4 | 1.7 | 1.4 | 1.5 | 1.2 | ||||||||
EBIDA margin (%) | 11.6 | 10.9 | 9.1 | 9.6 | 5.5 | 5.6 | ||||||||
Operating EBIDA margin (%) | 9.6 | 9.8 | 7.6 | 7.5 | 4.2 | 4.6 | ||||||||
Operating margin (%) | 3.8 | 3.6 | 1.9 | 1.5 | (1.1) | 0.0 | ||||||||
Excess margin (%) | 6.0 | 5.7 | 3.6 | 3.2 | 0.6 | 0.9 | ||||||||
Capital expenditures/depr. & amort. exp. (%) | 135.8 | 145.0 | 132.0 | 126.0 | 103.4 | 99.6 | ||||||||
Balance sheet | ||||||||||||||
Average age of plant (years) | 10.4 | 10.2 | 11.9 | 11.5 | 11.3 | 11.4 | ||||||||
Cushion ratio (x) | 33.2 | 33.1 | 19.2 | 19.3 | 17.6 | 17.9 | ||||||||
Days' cash on hand | 288.9 | 270.0 | 172.8 | 179.2 | 140.7 | 127.5 | ||||||||
Days in accounts receivable | 46.8 | 46.6 | 45.8 | 45.1 | 43.1 | 42.6 | ||||||||
Cash flow/total liabilities (%) | 19.0 | 18.5 | 13.1 | 13.2 | 6.6 | 7.9 | ||||||||
Unrestricted reserves ($000) | 2,781,745 | 2,836,706 | 1,205,384 | 1,179,006 | 763,598 | 667,950 | ||||||||
Unrestricted reserves/long-term debt (%) | 241.8 | 219.6 | 147.4 | 142.3 | 136.5 | 134.1 | ||||||||
Unrestricted reserves/contingent liabilities (%)* | 789.4 | 614.0 | 592.4 | 568.1 | 792.1 | 422.2 | ||||||||
Contingent liabilities/long-term debt (%)* | 35.5 | 40.2 | 25.6 | 25.7 | 15.8 | 18.5 | ||||||||
Long-term debt/capitalization (%) | 24.7 | 26.4 | 35.8 | 35.1 | 40.2 | 37.8 | ||||||||
DB pension funded status (%)* | 85.2 | 90.5 | 79.3 | 80.5 | 71.1 | 80.5 | ||||||||
Pension-adjusted long-term debt/capitalization (%)* | 26.4 | 27.6 | 39.2 | 38.0 | 47.6 | 43.2 | ||||||||
MNR--median not reported. These medians exclude two speculative grade systems in both 2019 and 2018 due to a small sample size. *These five ratios are only for organizations that have defined-benefit (DB) pension plans, operating leases, or contingent liabilities. |
Table 3A
U.S. Not-For-Profit Health Care System Medians By Rating Level -- 2019 vs. 2018 | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
AA+ | AA | AA- | A+ | |||||||||||||||
Fiscal year | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||
Sample size | 6 | 6 | 23 | 23 | 36 | 37 | 28 | 28 | ||||||||||
Statement of operations | ||||||||||||||||||
Net patient revenue (NPR; $000) | 3,882,221 | 4,071,473 | 4,050,320 | 3,224,352 | 3,213,282 | 2,875,242 | 2,010,024 | 1,763,656 | ||||||||||
Total operating revenue ($000) | 4,036,916 | MNR | 4,887,899 | MNR | 3,320,191 | MNR | 2,290,450 | MNR | ||||||||||
Salaries & benefits/NPR (%) | 54.8 | 52.1 | 58.0 | 58.1 | 56.9 | 57.4 | 55.3 | 56.6 | ||||||||||
Maximum annual debt service coverage (x) | 9.3 | 9.4 | 7.6 | 6.4 | 5.0 | 4.8 | 3.9 | 4.4 | ||||||||||
Operating lease-adjusted coverage (x)* | 7.3 | 5.9 | 4.9 | 4.7 | 3.8 | 3.3 | 3.1 | 3.2 | ||||||||||
Debt burden (%) | 1.8 | 1.6 | 1.8 | 1.9 | 2.2 | 2.1 | 2.3 | 2.2 | ||||||||||
EBIDA ($000) | 973,465 | 733,661 | 603,513 | 576,957 | 404,081 | 340,456 | 202,563 | 201,349 | ||||||||||
Nonoperating revenue/total revenue (%) | 3.3 | 3.3 | 2.5 | 2.5 | 1.9 | 2.0 | 1.7 | 1.5 | ||||||||||
EBIDA margin (%) | 14.6 | 14.8 | 12.7 | 12.4 | 10.9 | 10.4 | 9.5 | 10.1 | ||||||||||
Operating EBIDA margin (%) | 11.0 | 12.0 | 9.8 | 10.1 | 9.2 | 9.5 | 7.5 | 7.4 | ||||||||||
Operating margin (%) | 5.5 | 5.5 | 4.4 | 4.4 | 3.0 | 3.4 | 1.9 | 1.6 | ||||||||||
Excess margin (%) | 9.4 | 9.2 | 6.6 | 6.7 | 5.5 | 4.9 | 3.3 | 3.3 | ||||||||||
Capital expenditures/depr. & amort. exp. (%) | 134.6 | 159.9 | 153.8 | 153.2 | 132.6 | 135.3 | 122.4 | 120.3 | ||||||||||
Balance sheet | ||||||||||||||||||
Average age of plant (years) | 8.5 | 8.3 | 10.5 | 10.5 | 10.4 | 10.2 | 12.0 | 10.9 | ||||||||||
Cushion ratio (x) | 61.0 | 61.2 | 41.1 | 39.4 | 29.6 | 26.5 | 21.6 | 21.1 | ||||||||||
Days' cash on hand | 424.6 | 433.6 | 335.5 | 314.1 | 258.8 | 234.5 | 195.7 | 186.0 | ||||||||||
Days in accounts receivable | 46.1 | 48.0 | 47.6 | 51.7 | 46.2 | 45.0 | 43.7 | 44.7 | ||||||||||
Cash flow/total liabilities (%) | 32.9 | 22.1 | 24.6 | 21.2 | 17.5 | 15.7 | 15.5 | 15.1 | ||||||||||
Unrestricted reserves ($000) | 5,454,963 | 5,276,407 | 4,057,238 | 3,565,073 | 2,257,133 | 2,037,800 | 1,138,498 | 941,089 | ||||||||||
Unrestricted reserves/long-term debt (%) | 359.0 | 302.4 | 283.1 | 264.0 | 224.7 | 194.7 | 164.1 | 161.8 | ||||||||||
Unrestricted reserves/contingent liabilities (%)* | 1,093.9 | 954.9 | 863.5 | 843.1 | 642.4 | 576.0 | 605.4 | 578.4 | ||||||||||
Contingent liabilities/long-term debt (%)* | 35.2 | 40.6 | 43.2 | 41.5 | 31.5 | 39.3 | 26.7 | 30.4 | ||||||||||
Long-term debt/capitalization (%) | 20.9 | 23.6 | 20.8 | 22.7 | 27.4 | 28.5 | 31.6 | 31.9 | ||||||||||
DB pension funded status (%)* | 88.4 | 93.2 | 85.6 | 88.2 | 83.8 | 88.6 | 86.0 | 84.9 | ||||||||||
Pension-adjusted long-term debt/capitalization (%)* | 21.4 | 25.4 | 23.2 | 23.3 | 30.0 | 30.5 | 32.7 | 33.5 | ||||||||||
MNR--median not reported. *These five ratios are only for organizations that have defined-benefit (DB) pension plans, operating leases, or contingent liabilities. |
Table 3B
U.S. Not-For-Profit Health Care System Medians By Rating Level -- 2019 vs. 2018 | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
A | A- | BBB+ | BBB/BBB-** | |||||||||||||||
Fiscal year | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||
Sample size | 30 | 23 | 8 | 9 | 9 | 10 | 4 | 4 | ||||||||||
Statement of operations | ||||||||||||||||||
Net patient revenue (NPR; $000) | 2,811,264 | 2,696,397 | 2,089,994 | 2,010,148 | 1,767,828 | 1,853,921 | 3,223,000 | 1,718,699 | ||||||||||
Total operating revenue ($000) | 2,920,867 | MNR | 2,450,143 | MNR | 2,034,197 | MNR | 4,003,663 | MNR | ||||||||||
Salaries & benefits/NPR (%) | 59.5 | 59.7 | 66.0 | 64.7 | 65.0 | 61.1 | 62.1 | 62.5 | ||||||||||
Maximum annual debt service coverage (x) | 3.7 | 3.5 | 3.4 | 3.2 | 2.7 | 2.8 | 2.3 | 2.1 | ||||||||||
Operating lease-adjusted coverage (x)* | 3.1 | 2.7 | 2.7 | 2.4 | 2.1 | 2.3 | 2.0 | 1.8 | ||||||||||
Debt burden (%) | 2.3 | 2.5 | 2.5 | 2.4 | 1.9 | 2.1 | 2.1 | 1.7 | ||||||||||
EBIDA ($000) | 285,841 | 273,620 | 236,171 | 215,399 | 100,739 | 120,844 | 224,670 | 89,476 | ||||||||||
Nonoperating revenue/total revenue (%) | 1.5 | 1.3 | 1.9 | 1.3 | 1.5 | 1.9 | 1.2 | 0.4 | ||||||||||
EBIDA margin (%) | 9.0 | 8.6 | 9.3 | 8.3 | 5.7 | 6.1 | 5.1 | 4.2 | ||||||||||
Operating EBIDA margin (%) | 8.0 | 7.6 | 7.2 | 7.8 | 4.6 | 5.0 | 3.2 | 3.9 | ||||||||||
Operating margin (%) | 1.8 | 2.1 | 1.7 | 1.0 | (1.1) | 0.1 | (1.4) | (0.4) | ||||||||||
Excess margin (%) | 3.5 | 3.3 | 3.9 | 2.5 | 0.4 | 1.0 | 0.6 | 0.3 | ||||||||||
Capital expenditures/depr. & amort. exp. (%) | 134.6 | 128.6 | 133.5 | 159.0 | 81.2 | 89.4 | 142.0 | 159.2 | ||||||||||
Balance sheet | ||||||||||||||||||
Average age of plant (years) | 11.8 | 12.1 | 11.5 | 13.1 | 11.3 | 11.0 | 11.1 | 13.4 | ||||||||||
Cushion ratio (x) | 18.5 | 18.8 | 15.7 | 13.7 | 17.9 | 18.0 | 14.2 | 16.4 | ||||||||||
Days' cash on hand | 160.6 | 175.8 | 138.3 | 135.2 | 142.9 | 152.9 | 112.5 | 80.6 | ||||||||||
Days in accounts receivable | 47.6 | 46.5 | 41.0 | 44.2 | 43.1 | 42.1 | 42.9 | 44.8 | ||||||||||
Cash flow/total liabilities (%) | 12.2 | 11.6 | 12.0 | 12.5 | 7.8 | 8.5 | 4.7 | 5.2 | ||||||||||
Unrestricted reserves ($000) | 1,462,285 | 1,441,898 | 1,059,182 | 1,122,312 | 763,598 | 704,582 | 873,022 | 421,526 | ||||||||||
Unrestricted reserves/long-term debt (%) | 136.1 | 136.6 | 100.9 | 96.2 | 138.0 | 148.8 | 105.9 | 73.6 | ||||||||||
Unrestricted reserves/contingent liabilities (%)* | 531.6 | 555.2 | 444.9 | 565.5 | 828.9 | 553.9 | 792.1 | 295.7 | ||||||||||
Contingent liabilities/long-term debt (%)* | 25.7 | 24.9 | 19.7 | 19.3 | 15.8 | 31.8 | 14.4 | 14.9 | ||||||||||
Long-term debt/capitalization (%) | 38.8 | 40.2 | 46.7 | 45.9 | 35.0 | 36.8 | 53.0 | 46.8 | ||||||||||
DB pension funded status (%)* | 75.9 | 77.0 | 74.8 | 80.6 | 71.1 | 79.7 | 71.9 | 94.8 | ||||||||||
Pension-adjusted long-term debt/capitalization (%)* | 43.7 | 43.0 | 47.7 | 45.9 | 36.7 | 41.3 | 53.8 | 48.7 | ||||||||||
MNR--median not reported. These medians exclude two speculative grade systems in both 2019 and 2018 due to a small sample size. *These five ratios are only for organizations that have defined-benefit (DB) pension plans, operating leases, or contingent liabilities. **Includes four 'BBB' rated systems in 2019, and one 'BBB-' and three 'BBB' rated systems in 2018. |
Related Research
- U.S. Not-For-Profit Acute Health Care 2019 Medians Show Stability While Recent Rating Actions Signal Weakening Ahead , Aug. 19, 2020
- U.S. Not-For-Profit Health Care Stand-Alone Hospital Median Financial Ratios–2019 vs. 2018, Aug. 19, 2020
- U.S. Not-For-Profit Health Care Children’s Hospital Median Financial Ratios – 2019 vs. 2018, Aug. 19, 2020
- U.S. Not-For-Profit Acute Health Care Speculative Grade Median Financial Ratios – 2019 vs. 2018, Aug. 19, 2020
- U.S. Not-For-Profit Health Care Small Stand-Alone Hospital Median Financial Ratios -- 2019 vs. 2018, Aug. 19, 2020
- U.S. Not-for-Profit Acute Health Care Mid-Year Sector View: Recovery Continues, Likely Uneven For The Rest Of The Year, Aug. 13, 2020
- Outlooks Revised On Certain U.S. Not-For-Profit Health Care Organizations Due To Potential COVID-19 Impact, April 21, 2020
- Not-For-Profit Acute Care Sector Outlook Revised To Negative Reflecting Possible Prolonged COVID-19 Impact, March 25, 2020
- U.S. Not-For-Profit Health Care 2020 Sector Outlook: A Precarious Balance As Evolution Continues, Jan. 9, 2020
Glossary of our ratios
- Glossary: Not-For-Profit Health Care Organization Ratios, March 19, 2018
Monthly rating changes
- U.S. Not-For-Profit Health Care Rating and Outlook Actions, June 2020 And Second-Quarter 2020, July 27, 2020
- U.S. Not-For-Profit Health Care Rating Actions, May 2020, June 18, 2020
- U.S. Not-For-Profit Health Care Rating Actions, April 2020, May 11, 2020
- U.S. Not-For-Profit Health Care Rating and Outlook Actions: March 2020 And First-Quarter 2020, April 17, 2020
- U.S. Not-For-Profit Health Care Rating Actions, February 2020, March 24, 2020
- U.S. Not-For-Profit Health Care Rating Actions, January 2020, Feb. 21, 2020
- U.S. Not-For-Profit Health Care Rating Actions, December 2019, Jan. 17, 2020
- U.S. Not-For-Profit Health Care Rating Actions, November 2019, Dec. 6, 2019
- U.S. Not-For-Profit Health Care Rating Actions, October 2019, Nov. 13, 2019
- U.S. Not-For-Profit Health Care Rating Actions, September 2019, Oct. 18, 2019
- U.S. Not-For-Profit Health Care Rating Actions, August 2019, Sept. 11, 2019
This report does not constitute a rating action.
Primary Credit Analysts: | Cynthia S Keller, New York (1) 212-438-2035; cynthia.keller@spglobal.com |
Chloe A Pickett, Centennial (1) 303-721-4122; Chloe.Pickett@spglobal.com | |
Secondary Contacts: | Suzie R Desai, Chicago (1) 312-233-7046; suzie.desai@spglobal.com |
Patrick Zagar, Farmers Branch (1) 214-765-5883; patrick.zagar@spglobal.com | |
Research Contributors: | Adwait Chandsarkar, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
Blake C Fundingsland, Centennial (1) 303-721-4703; blake.fundingsland@spglobal.com | |
Alexander Nolan, Centennial (1) 303-721-4501; alexander.nolan@spglobal.com | |
Prashant Singh, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai |
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