S&P Global Ratings has raised the long-term rating on Fort Atkinson, Wis.-based Fort HealthCare's series 2014 bonds to "BBB+" from "BBB."
"The upgrade reflects Fort HealthCare's continuing operational turnaround — largely driven by expense reduction — that has produced margins and coverage metrics more commensurate with a higher rating," said S&P analyst Patrick Zagar. "We also considered the hospital's solid growth in unrestricted reserves, which compare very favorably with similarly sized peers."
The outlook is stable, reflecting Fort HealthCare's solid financial turnaround and S&P's expectation that the system's financial performance metrics will remain solid for the rating.
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