The upgraded rating assignment was supported by a number of factors, including the system’s steady operating performance over the last three years. For fiscal 2014, Bon Secours had operating income of $123.6 million, with its operating margins exceeding the “A” category median of 2.5 percent.
Bon Secours also faces some challenges, which were considered for the rating assignment, such as having liquidity metrics lower than Fitch’s “A” rating medians. However, the system’s liquidity has been improving, and as of Aug. 31, Bon Secours had $1.14 billion of unrestricted cash and investments.
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