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Credit Summary

Adventist Health (CA)

EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

ESG Relevance
1
2
3
4
5

01Ratings

RatingActionDateType
BBB+Review - No Action28-Feb-2025Long Term Issuer Default Rating
Key Rating Factors
Revenue Defensibility bbb
Operating Risk bbb
Financial Profile bb
Ratings KeyOutlookWatch
Positive
Negative
Evolving
Stable 

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ֳ Red

Rating History

Date :28-Feb-202501-May-202428-Nov-202330-Nov-202228-Jul-202215-Sep-202130-Oct-202014-Sep-202016-Oct-201910-Aug-201825-Jan-2018
Rating :BBB+BBB+AAAAA+A+A+A+A
Action :Review - No ActionDowngradeAffirmedAffirmedReview - No ActionDowngradeAffirmedAffirmedAffirmedUpgradeNew Rating

02Rating Actions

03Insights

04Securities and Obligations

Ratings
Rated Entity / Debt  
Ratings  
Entity Details  
Identifiers  
Other Details  
Security: Adventist Health (CA) / General Revenues
Issuer: Adventist Health System/West (CA)
Bond: CP notes (taxable) ser 2020A
Series: 2020A
28-Feb-2025
F1
Review - No Action
Short Term Rating

28-Feb-2025
F1
Review - No Action
Unenhanced Short Term Rating

Rating History
Country: United States
Sectors: US Public Finance; Healthcare and Pharma
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
Currency: USD
Amount: 0
Placement: Public
Security LTR: BBB+
Security STR: F1
Security: Adventist Health (CA) / General Revenues
Issuer: Adventist Health System/West (CA)
Bond: taxable bonds ser 2019
Series: 2019
28-Feb-2025
BBB+
Review - No Action
Long Term Rating

28-Feb-2025
BBB+
Review - No Action
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance; Healthcare and Pharma
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
ISIN: US007944AF80 (Public)
CUSIP: 007944AF8 (Public)
Maturity Date: 01-Mar-2029
Currency: USD
Amount: 0
Placement: Public
Security LTR: BBB+
Security STR: F1
Security: Adventist Health (CA) / General Revenues
Issuer: Adventist Health System/West (CA)
Bond: taxable bonds ser 2019
Series: 2019
28-Feb-2025
BBB+
Review - No Action
Long Term Rating

28-Feb-2025
BBB+
Review - No Action
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance; Healthcare and Pharma
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
ISIN: US007944AG63 (Public)
CUSIP: 007944AG6 (Public)
Maturity Date: 01-Mar-2049
Currency: USD
Amount: 0
Placement: Public
Security LTR: BBB+
Security STR: F1
Security: Adventist Health (CA) / General Revenues
Issuer: Adventist Health System/West (CA)
Bond: taxable bonds ser 2022
Series: 2022
28-Feb-2025
BBB+
Review - No Action
Long Term Rating

28-Feb-2025
BBB+
Review - No Action
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance; Healthcare and Pharma
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 007944AH4 (Public)
Maturity Date: 01-Mar-2032
Currency: USD
Amount: 0
Placement: Public
Security LTR: BBB+
Security STR: F1
Security: Adventist Health (CA) / General Revenues
Issuer: Adventist Health System/West (CA)
Bond: taxable bonds ser 2024
Series: 2024
28-Feb-2025
BBB+
Review - No Action
Long Term Rating

28-Feb-2025
BBB+
Review - No Action
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance; Healthcare and Pharma
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 007944AK7 (Public)
Maturity Date: 01-Dec-2034
Currency: USD
Amount: 0
Placement: Public
Security LTR: BBB+
Security STR: F1
Security: Adventist Health (CA) / General Revenues
Issuer: California Health Facilities Financing Authority
Bond: (Adventist Health System/West) rev bonds ser 2013A
Series: 2013A
28-Feb-2025
BBB+
Review - No Action
Long Term Rating

28-Feb-2025
BBB+
Review - No Action
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance; Healthcare and Pharma
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 13033LP84 (Public)
Maturity Date: 01-Mar-2027
Currency: USD
Amount: 0
Placement: Public
Security LTR: BBB+
Security STR: F1
Security: Adventist Health (CA) / General Revenues
Issuer: California Health Facilities Financing Authority
Bond: (Adventist Health System/West) rev bonds ser 2013A
Series: 2013A
28-Feb-2025
BBB+
Review - No Action
Long Term Rating

28-Feb-2025
BBB+
Review - No Action
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance; Healthcare and Pharma
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 13033LS57 (Public)
Maturity Date: 01-Mar-2043
Currency: USD
Amount: 0
Placement: Public
Security LTR: BBB+
Security STR: F1
Security: Adventist Health (CA) / General Revenues
Issuer: California Health Facilities Financing Authority
Bond: (Adventist Health System/West) rev bonds ser 2013A
Series: 2013A
28-Feb-2025
BBB+
Review - No Action
Long Term Rating

28-Feb-2025
BBB+
Review - No Action
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance; Healthcare and Pharma
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 13033LP92 (Public)
Maturity Date: 01-Mar-2028
Currency: USD
Amount: 0
Placement: Public
Security LTR: BBB+
Security STR: F1
Security: Adventist Health (CA) / General Revenues
Issuer: California Health Facilities Financing Authority
Bond: (Adventist Health System/West) rev bonds ser 2013A
Series: 2013A
28-Feb-2025
BBB+
Review - No Action
Long Term Rating

28-Feb-2025
BBB+
Review - No Action
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance; Healthcare and Pharma
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 13033LS65 (Public)
Maturity Date: 01-Mar-2033
Currency: USD
Amount: 0
Placement: Public
Security LTR: BBB+
Security STR: F1
Security: Adventist Health (CA) / General Revenues
Issuer: California Health Facilities Financing Authority
Bond: (Adventist Health System/West) rev bonds ser 2013A
Series: 2013A
28-Feb-2025
BBB+
Review - No Action
Long Term Rating

28-Feb-2025
BBB+
Review - No Action
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance; Healthcare and Pharma
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 13033LQ42 (Public)
Maturity Date: 01-Mar-2033
Currency: USD
Amount: 0
Placement: Public
Security LTR: BBB+
Security STR: F1
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05Disclosures

Endorsement Status
EU Endorsed, UK Endorsed
Country of ֳ Office
United States
Solicitation Status
Long Term RatingSolicited - Sell Side
Short Term RatingSolicited - Sell Side
Enhanced Long Term RatingSolicited - Sell Side
Enhanced Short Term RatingSolicited - Sell Side
Unenhanced Long Term RatingSolicited - Sell Side
Unenhanced Short Term RatingSolicited - Sell Side

06Criteria

08Jan
2025
Active Criteria
U.S. Public Finance Structured Finance Rating Criteria
13Dec
2024
Active Criteria
U.S. Public Finance Letter of Credit-Supported Bonds and Commercial Paper Rating Criteria
12Dec
2024
Active Criteria
U.S. Public Finance Variable-Rate Demand Obligations and Commercial Paper Issued with External Liquidity Support Rating Criteria
02Apr
2024
Active Criteria
U.S. Public Finance Local Government Rating Criteria
18Jan
2024
Expired Criteria
U.S. Public Finance Structured Finance Rating Criteria - Effective from January 18, 2024 to January 8, 2025
More Criteria

07Analysts

Michael Burger
Primary Rating Analyst

Kevin Holloran
Secondary Rating Analyst

Credit-Relevant ESG Scale

How relevant are E, S and G issues to the overall credit rating?

5
Highly relevant, a key rating driver that has a significant impact on the rating on an individual basis. Equivalent to "higher" relative importance within Navigator.
4
Relevant to rating, not a key rating driver but has an impact on the rating in combination with other factors. Equivalent to "moderate" relative importance within Navigator
3
Minimally relevant to rating, either very low impact or actively managed in a way that results in no impact on the entity rating. Equivalent to "lower" relative importance within Navigator.
2
Irrelevant to the entity rating but relevant to the sector.
1
Irrelevant to the entity rating and irrelevant to the sector

* ESG Relevance is applicable for international scale ratings only

Ratings KeyOutlookWatch
Positive
Negative
Evolving
Stable 

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ֳ Red