Fitch Ratings has affirmed the "A" rating on $104.4 million of series 2010 revenue bonds and $199.1 million of 2007A revenue bonds issued to Houston-based Harris County Hospital District.
The affirmation of HCHD's rating was based on a number of factors. The health system is nearing completion of a multi-year capital plan, and HCHD's capital expenditures are expected to decline beyond 2015, as the health system has no additional debt planned.
HCHD's healthy liquidity also contributed to its ranking affirmation. The health system's balance sheet has maintained solid liquidity metrics over the last several years. In addition, HCHD serves as a safety net provider, which provides the health system with significant community and legislative support.
In fiscal 2014, HCHD generated $1.9 billion of revenues, including $348.6 million in net patient service revenue and $515.9 million of ad valorem tax revenue.
More Articles on Hospital Credit Ratings:
Fitch Upgrades Stanford Hospital & Clinics' Rating to 'AA'
Moody's Affirms Bellin Memorial Hospital's 'A2' Rating
Fitch Affirms "BBB" Rating for Tufts Medical Center