Fitch Ratings has assigned an "A-" long-term rating to the expected issuance of approximately $91.2 million of series 2015A revenue bunds through the Butler County Hospital Authority on behalf of Butler (Pa.) Health System.
The proceeds of the bond issuance will be used refund the system's 2009B and 2010A bonds in full and to partially refund its 2009A bonds.
Fitch also affirmed the "A-" rating assigned to $76 million of Butler Health System's outstanding series 2009B revenue bonds.
The rating assignment and affirmation were supported by a number of factors, including Butler Health System's improving profitability and dominant market position. In the first three quarters of fiscal 2014 the system's market share grew to 65.8 percent, up from 63.7 percent in fiscal 2013.
The system also faces some challenges, which were considered for the bond rating assignment and affirmation, such as having a high debt burden, according to Fitch.
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