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Fitch Affirms Banner Health's Arizona Revs at 'AA-'; Outlook Stable.

Publication: Investment Weekly News
Publication Date: 19-SEP-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Fitch Ratings has affirmed its 'AA-' rating on $2.3 billion outstanding revenue bonds issued on behalf of Banner Health (Banner). The Rating Outlook is Stable.

The 'AA-' rating is supported by Banner's strong operating performance that is buoyed by its leading market position in core markets and its excellent management practices. Lending further strength is Banner's large size, yielding benefits of scale. Historically, Banner's operating profitability has been solid and consistent with Fitch's 'AA' medians. After a slight decline in Fiscal Year 2008 (FY08), operating profitability rebounded strongly in the first five months in FY09. Having averaged a four-year 5.3% operating margin through FY07, Banner's operating margin dipped to 3.2% ($125.7 million) in FY08, reflecting increased interest and depreciation expenses, associated with the system's heavy capital...

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