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Fitch Rates Sutter Health California Revs 'AA-'; Outlook Stable.

Publication: Economics Week
Publication Date: 21-AUG-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Fitch Ratings has assigned an 'AA-' rating to the approximately $2.6 billion in outstanding revenue bonds issued on behalf of Sutter Health, California (Sutter). The Rating Outlook is Stable.

The 'AA-' rating is supported by Sutter's robust profitability, sizable and diverse market presence across five distinct service areas, progressive physician alignment strategy, and strong debt service coverage. Sutter's operating profile benefits from a robust and diversified revenue base spanning five service areas in northern and central California. Operating income over the last five fiscal years has averaged a very strong 5.5% of total revenues. Operating EBITDA has similarly been strong with an 11.2% average over the same period, averaging more than $800 million. These results compare very favorably with Fitch's medians for the 'AA' rating category. Cash...

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