Scottsdale, Ariz.-based HonorHealth had its credit ratings affirmed at "A+" as it continues to perform relatively well operationally and has a strong market presence in a fast-growing area of the country, Fitch Ratings said.
As the healthcare system, like many others, continues to face headwinds both in terms of labor costs and inflationary pressures, it remains well placed given its ability to maintain profitability and because of its 33 percent market share in Maricopa County, where it competes with other major health systems such as Banner Health and CommonSpirit, Fitch said. The report also made specific mention of HonorHealth's ability to outbid competitor Banner to secure a valuable piece of land for future capital expenditure as evidence of its strong financial performance.
The "A+" ratings refer to both individual bonds and to the group's Issuer Default Rating.
HonorHealth's footprint includes six acute care hospitals, with a total of 1,430 licensed beds, one rehab joint venture hospital, one surgical hospital, 26 primary care clinics, 40 specialty clinics, 33 urgent care clinics, five surgery centers and more than 300 employed providers.