Fitch Ratings upgraded Dover, Del.-based Bayhealth Medical Center's series 2017A to "AA" from "AA-," affecting $112.1 million of debt.
Concurrently, Fitch assigned an "AA" issuer default rating to BMC.
The upgrade is a result of several factors, including BMC's leading market position, favorable payer mix, strong operating performance and low leverage. Fitch also acknowledged the risks associated with the medical center's ongoing construction project.
The rating outlook is stable.