Fitch Ratings affirmed the "AA" rating on a number of Houston-based Texas Children's Hospital's revenue bonds, including series 2015-1, series 2015-3, series 2015-4, series 2010, series 2009 and series 2008-2, all issued by the Harris County Cultural Education Facilities Finance Corp. These rating actions affect a total of $683 million of debt.
In addition, Fitch affirmed an "AA/F1+" rating to Texas Children's series 2015-2 revenue bonds, affecting $50 million of debt.
The long-term "AA" rating affirmation is a result of several factors, including the hospital's favorable capital growth, healthy balance sheet metrics, stable operating performance and position as a well-known pediatric hospital.
The short-term rating is a result of the bonds being in "windows" mode, which provides the hospital with flexibility to fund a tender.
The outlook is stable.