Moody's Investors Service has affirmed Albuquerque, N.M.-based Presbyterian Healthcare Services' "A3" and "Aa3/VMIG1" ratings on $560 million of fixed rate and variable rate bonds.
A number of strengths were considered for the rating affirmation, such as PHS' large, integrated delivery system, which includes a multispecialty medical group employing more than 500 providers. The system also has over $2 billion in consolidated revenue and a 43 percent market share in Albuquerque.
The rating affirmation was also supported by PHS' stable operating performance, solid balance sheet and good debt measures.
PHS also faces some challenges, such as its competitive operating environment in Albuquerque and high exposure to Medicaid as a provider and a payer.