Fitch Ratings has assigned an "AA-" rating to the expected issuance of $91 million in revenue bonds issued on behalf of Greenville (S.C.) Health System.
Fitch also affirmed an "AA-" rating for nearly $489 million in parity debt issued on behalf of GHS. Key rating drivers include solid interim performance. For the nine months ended June 30, the GHS obligated group posted a 4.3 percent operating margin and 9.6 percent operating EBITDA margin. Volume also increased, with inpatient admissions up 4 percent, inpatient surgeries up 3 percent and outpatient surgeries up 15 percent.
Additionally, GHS' strategic investments in academics and reform initiatives (such as a new clinical IT system) and positive underlying credit factors (the health system's 63.9 percent inpatient market share, for instance) drove the credit rating, according to Fitch.