Fitch Ratings has assigned an "A+" rating to approximately $237.9 million of series 2015F revenue bonds issued on behalf of Burlington, Mass.-based Lahey Health System by the Massachusetts Development Finance Agency.
The rating assignment was supported by a number of factors, including the system's good liquidity. As of June 30, the system had $847 million of unrestricted cash and investments, which translated to 168.9 days cash on hand.
Lahey's challenges were also considered for the rating assignment, including its weak operating performance in fiscal year 2015.
The system's rating outlook is stable.
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