Fitch Ratings has affirmed an "A" rating for the expected re-marking of $65 million in revenue bonds issued on behalf of Milwaukee-based Aurora Health Care.
Fitch has also affirmed a stable outlook for AHC and an "A" rating for roughly $13 million in other revenue bonds issued on behalf of the health system. AHC's stable operating performance was one of the key rating drivers. The system's profitability margins have been consistent during the past four years, with 10.4 percent operating EBITDA and 11.6 EBIDTA reported in 2013.
Furthermore, AHC has limited operating risk because of its leading market share and large base of employed physicians. The health system's liquidity profile also improved to 125.2 days of cash on hand and 80 percent cash to debt in 2013, compared with 106.3 DCOH and 64.3 percent cash to debt the previous year, according to Fitch.
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