The ratings apply both to its default grade and to approximately $114 million of bonds expected to be issued to support a $326 million capital project. The outlook is stable.
As the only freestanding children’s hospital in the state, the 187-licensed-bed facility enjoys a 90 percent inpatient market share in its main service area, Fitch said.
In addition, the building of a new eight-story, 195,000-square-foot tower will add 71 new beds to the facility, including 50 neonatal intensive care beds. The expansion is expected to be completed in 2025.
“Fitch believes the $326 million capital project will be a once in a generation transformational project,” the research note said.
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