Analysts Anne Cosgrove, Alex Gombach, and Santos Souffront join our host Tom to discuss U.S. public finance health care variable-rate demand obligations (VRDOs). We first introduce and detail what standby bond purchase agreement (SBPA)-backed VRDOs are and how we rate them. We then look at how not-for-profit health care providers can turn to this form of financing to help offset their significant operating losses and negative cash flow impacts due to COVID-19, as well as discuss our outlooks for both the health care sector and the SPBA market.