ֳ

Credit Summary

Banner Health System (AZ)

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

ESG Relevance
1
2
3
4
5

01Ratings

RatingActionDateType
AA-Affirmed18-Feb-2025Long Term Issuer Default Rating
Key Rating Factors
Revenue Defensibility bbb
Operating Risk a
Financial Profile aa
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 :18-Feb-202519-Sep-202420-Nov-202331-May-202316-Jun-202207-Oct-202108-Oct-202030-Apr-202006-Sep-201913-May-201925-Jan-2019
Rating :AA-AA-AA-AA-AA-AA-AA-AA-AA-AA-AA-
Action :AffirmedReview - No ActionReview - No ActionAffirmedAffirmedAffirmedAffirmedAffirmedReview - No ActionAffirmedNew Rating

02Rating Actions

03Insights

04Securities and Obligations

Ratings
Rated Entity / Debt  
Ratings  
Entity Details  
Identifiers  
Other Details  
Security: Banner Health System (AZ) / General Revenues
Issuer: Arizona Health Facilities Authority (AZ)
Bond: (Banner Health) rev bonds (taxable) ser 2012B
Series: 2012B
18-Feb-2025
AA-
Affirmed
Long Term Rating

18-Feb-2025
AA-
Affirmed
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: 040507NB7 (Public)
Maturity Date: 01-Jan-2030
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA-
Security: Banner Health System (AZ) / General Revenues
Issuer: Arizona Health Facilities Authority (AZ)
Bond: (Banner Health) rev bonds ser 2007B
Series: 2007B
18-Feb-2025
AA-
Affirmed
Long Term Rating

18-Feb-2025
AA-
Affirmed
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: 040507HN8 (Public)
Maturity Date: 01-Jan-2037
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA-
Security: Banner Health System (AZ) / General Revenues
Issuer: Arizona Health Facilities Authority (AZ)
Bond: (Banner Health) rev bonds ser 2015B
Series: 2015B
18-Feb-2025
AA-
Affirmed
Long Term Rating

18-Feb-2025
AA-
Affirmed
Unenhanced Long Term Rating

05-Nov-2021
WD
Withdrawn
Short Term Rating

05-Nov-2021
WD
Withdrawn
Enhanced Short Term Rating

05-Nov-2021
WD
Withdrawn
Enhanced 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: 040507QT5 (Public)
Maturity Date: 01-Jan-2046
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA-
Security: Banner Health System (AZ) / General Revenues
Issuer: Arizona Health Facilities Authority (AZ)
Bond: (Banner Health) rev bonds ser 2015B (bank bonds)
Series: 2015B (bank bonds)
18-Feb-2025
AA-
Affirmed
Long Term Rating

18-Feb-2025
AA-
Affirmed
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: 040507QC2 (Public)
Maturity Date: 01-Jan-2046
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA-
Security: Banner Health System (AZ) / General Revenues
Issuer: Arizona Health Facilities Authority (AZ)
Bond: (Banner Health) rev bonds ser 2015C (bank bonds)
Series: 2015C (bank bonds)
18-Feb-2025
AA-
Affirmed
Long Term Rating

18-Feb-2025
AA-
Affirmed
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: 040507QD0 (Public)
Maturity Date: 01-Jan-2046
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA-
Security: Banner Health System (AZ) / General Revenues
Issuer: Arizona Health Facilities Authority (AZ)
Bond: (Banner Health) rev bonds ser 2015C (LOC: Bank of America, N.A.)
Series: 2015C
19-Feb-2025
AAA
Affirmed
Long Term Rating

20-Jun-2024
F1+
Affirmed
Short Term Rating

18-Feb-2025
AA-
Affirmed
Unenhanced Long Term Rating

20-Jun-2024
AA
Affirmed
Enhanced Long Term Rating

20-Jun-2024
F1+
Affirmed
Enhanced 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)
CUSIP: 040507QB4 (Public)
Maturity Date: 01-Jan-2046
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA-
Security: Banner Health System (AZ) / General Revenues
Issuer: Banner Health System (AZ)
Bond: taxable bonds ser 2019
Series: 2019
18-Feb-2025
AA-
Affirmed
Long Term Rating

18-Feb-2025
AA-
Affirmed
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: 06654DAA5 (Public)
CUSIP: 06654DAA5 (Public)
Maturity Date: 01-Jan-2049
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA-
Security: Banner Health System (AZ) / General Revenues
Issuer: Banner Health System (AZ)
Bond: taxable bonds ser 2020A
Series: 2020A
18-Feb-2025
AA-
Affirmed
Long Term Rating

18-Feb-2025
AA-
Affirmed
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: 06654DAC1 (Public)
CUSIP: 06654DAC1 (Public)
Maturity Date: 01-Jan-2050
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA-
Security: Banner Health System (AZ) / General Revenues
Issuer: Banner Health System (AZ)
Bond: taxable bonds ser 2020B
Series: 2020B
18-Feb-2025
AA-
Affirmed
Long Term Rating

18-Feb-2025
AA-
Affirmed
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: 06654DAB3 (Public)
CUSIP: 06654DAB3 (Public)
Maturity Date: 01-Jan-2030
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA-
Security: Banner Health System (AZ) / General Revenues
Issuer: Banner Health System (AZ)
Bond: taxable bonds ser 2020C
Series: 2020C
18-Feb-2025
AA-
Affirmed
Long Term Rating

18-Feb-2025
AA-
Affirmed
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: 06654DAE7 (Public)
CUSIP: 06654DAE7 (Public)
Maturity Date: 01-Jan-2051
Currency: USD
Amount: 0
Placement: Public
Security LTR: AA-
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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

10Jan
2025
Active Criteria
U.S. Public Sector, Revenue-Supported Entities Rating Criteria
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
12Nov
2024
Active Criteria
U.S. Not-For-Profit Hospitals and Health Systems Rating Criteria
More Criteria

07Analysts

Kevin Holloran
Primary Rating Analyst

Meggi Carr
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