Fitch Ratings has affirmed the "BBB+" rating on $53.5 million of series 2014A revenue bonds issued on behalf of Shelbyville, Ind.-based Major Hospital by the Indiana Hospital Authority.
The rating affirmation was based on a number of factors, including the 72-bed hospital's operating profitability, improving and robust cash position and good market position.
The hospital's challenges were also considered for the rating affirmation, including its elevated debt burden. After its 2014 bond issue to partially fund a replacement hospital project, Major Hospital has $82.3 million of long-term debt outstanding.
The hospital's outlook is stable.
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