Fitch Ratings upgraded Shelbyville, Ind.-based Major Hospital's issuer default rating to "A" from "BBB+."
Concurrently, Fitch upgraded Major Hospital's series 2014A revenue bond rating to "A" from "BBB+," affecting $53 million of debt.
The upgrade is a result of several factors, including Major Hospital's good market position in a stable service area, historically favorable margin performance, strong cash flow generation, solid liquidity metrics and favorable leverage ratios.
The outlook is stable.