Fitch Ratings has upgraded the rating on $46.7 million of series 2013A revenue bonds and $37.4 million of series 2011A revenue bonds issued on behalf of Concord (N.H.) Hospital and subsidiaries to "A+" from "A."
The rating upgrade was supported by a number of factors, including Concord's steady core operating performance over the last several years. For the most recent fiscal year ended Sept. 30, 2014, Concord had operating income of $19.1 million, equal to operating margin of 4.3 percent, according to Fitch. Reinstated disproportionate share hospital funding from the state of New Hampshire helped profitability in fiscal 2014.
The hospital faces some challenges, which were considered for the rating upgrade, including physician competition.
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