Fitch Ratings has affirmed the "A-" rating on $75.9 million of series 2009B revenue bonds issued on behalf of
The rating affirmation was supported by a number of factors, including BHS's dominant market position. Its inpatient market share in its primary service area was 63.7 percent in 2013.
In addition, the rating affirmation was supported by the system's solid profitability metrics. BHS had an operating margin of 5 percent and an operating EBITDA margin of 12.8 percent in fiscal year 2014.
The health system also faces some challenges, which were considered for the rating affirmation, such as having a high debt burden. In fiscal year 2014, BHS's maximum annual debt service of $10 million represented 3.7 percent of its total operating revenues.
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