Fitch affirms Calvert Health System's rating

Fitch Ratings has affirmed the "A" rating assigned to $31 million of series 2013 revenue bonds issued on behalf of Frederick, Md.-based Calvert Health System.

Fitch also upgraded the system's outlook to positive from stable. The upgrade reflects CHS' strong credit profile, including liquidity, profitability and coverage metrics that exceed "A" category medians.

The rating affirmation was based on a number of factors, including CHS' dominant market position, robust liquidity metrics, solid operating profitability and low debt burden.

Fitch said it did not upgrade CHS' rating at this time due to a bond issuance that is planned for summer 2015 and contemplated capital plans that may include the construction of a new patient tower to convert to private rooms in 2018 or 2019. The rating agency said it "would like further certainty on the pro forma impact of the new bonds and will assess the credit impact, if any, of the new tower project as more details become certain."


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