OREANDA-NEWS. April 13, 2015. Fitch Ratings has affirmed the 'F1+' short-term rating on the following bonds issued by or on behalf of SSM Health Care (SSM) and supported by SSM's internal liquidity.

--\\$300,000,000 Health and Educational Facilities Authority of the State of Missouri Variable-Rate Bonds (SSM Health Care), Series 2014B-G;
--\\$200,000,000 SSM Health Care Taxable Commercial Paper Notes

SECURITY

Bonds are general, unsecured obligations of the obligated group.

KEY RATING DRIVERS

LIQUID RESOURCES AVAILABLE FOR UNREMARKETED PUTS: The affirmation of the short-term 'F1+' rating is based on the sufficiency of SSM's liquid resources and written procedures to fund the purchase price on each mandatory tender date. Based on Fitch's rating criteria related to self-liquidity, SSM's eligible cash and investment position under would cover the maximum mandatory put on self-liquidity bonds on any given date in excess of Fitch's 1.25x threshold for the 'F1+' short-term rating. SSM provides Fitch with monthly cash and investment reports.

STRONG FINANCIAL PROFILE: Fitch maintains a 'AA-' Long-term rating on SSM's outstanding revenue bonds due to its broadened operating platform, manageable debt burden and adequate liquidity. Fitch previously affirmed SSM's 'AA-' Long-term rating on April 11, 2014.

RATING SENSITIVITIES

MAINTENANCE OF ADEQUATE LIQUIDITY: Fitch expects SSM to maintain adequate internal liquid resources to cover its total put exposure in excess of 1.25x to maintain the 'F1+' Short-term rating.