Fitch affirms Valley Medical Center's bond rating

Fitch Ratings has affirmed the "BBB+" rating assigned to $18.9 million of series 2010A hospital facilities revenue bonds and $61.2 million of series 2010B hospital facilities revenue bonds issued on behalf of Renton, Wash.-based Valley Medical Center, which is a member of the University of Washington Medicine Health System.

VMC is comprised of a 321-bed hospital, eight primary care clinics, four urgent care clinics, several specialty clinics, and occupational and behavioral health clinics.

The rating affirmation was based on a number of factors, including VMC's improved cash flow and strategic alliance with UW Medicine.

VMC also faces some challenges, which were considered for the rating affirmation, such as having a weak balance sheet.

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