Fitch Ratings has affirmed an "A+" rating on roughly $260 million in Wisconsin Health and Educational Facilities Authority bonds issued on behalf of La Crosse, Wis.-based Gunderson Lutheran.
Fitch also affirmed a stable rating outlook for the health system. Key rating drivers include Gunderson's history as an integrated system and solid balance sheet, with approximately $601 million in unrestricted cash and investments versus $405 million in debt as of June 30. Gunderson also has $140.1 million in variable debt — which Fitch doesn't rate — directly placed with Wells Fargo.
Additionally, Gunderson's capital needs are shrinking as it finishes an expansion and renovation of its primary inpatient facility, and it maintains a leading market position in its service area, according to Fitch.
More articles on hospital finance:
Moody's affirms Saint Mary's Hospital's 'Ba2' rating
Massena Memorial 2014 operating losses top $2.5M
Cleveland Clinic Q2 operating margin declines to 4.8%