The group, which operates 23 hospitals in its home state, Hawaii and Oregon, was also assigned an “A” rating to 2022 bonds and other outstanding debt.
The hospital group has faced many challenges, including wildfires in some of its markets, COVID-19 pandemic issues and tough labor conditions, all of which “created adverse economic conditions for the system,” Fitch said.
However, strong management and a number of credit strengths including leading market positions throughout its three-state hospital footprint, adequate liquidity position for the rating level and a reasonable and a robust strategic plan stood the group in good stead. Management aims to bring the system to $10 billion in revenue by 2030, Fitch added.
