Salem (Ore.) Health has had its "AA-" rating affirmed on bonds the health system owns as well as for its overall rating, Fitch said Jan. 11. The outlook for the system is stable.
The affirmation of the rating reflects a "very strong" financial profile and a leading market share position, Fitch said. The flagship Salem Hospital, a 567-bed facility, is the only hospital in the city of Salem, approximately 45 miles south of Portland.
In fiscal 2022, Salem Health reported revenues of over $1 billion and reported an almost break-even performance for the year, with losses from operations totaling only $3.1 million.
With the completion of a new inpatient tower in the summer of 2022, Salem is expected to have limited capital expenditure over the medium term, Fitch said.