Fitch affirms Banner Health's 'AA-' rating

Fitch Ratings has affirmed the "AA-" rating on Phoenix-based Banner Health System's outstanding debt.

The rating affirmation was based on a number of factors, including Banner's large market share. The health system's market share in the Phoenix area increased to 45.1 percent in 2013 from 42.3 percent in 2009. With its extended reach, Fitch believes Banner will be able to compete in a value-based reimbursement environment.

The health system has also maintained strong and consistent operating results. From 2010 to 2013, Banner generated operating margins between 5 percent and 6.1 percent and operating EBITDA margins between 13.1 percent and 14.6 percent.

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