The upgrade from “A-” to “A” applies both to its overall rating and to specific bonds. The rating outlook is stable, Fitch said.
While rising labor and supply expenses as well as the opening of the system’s Crystal Lake Hospital in mid-2023 may pose some challenges, Mercyhealth’s operating profile is expected to remain strong in the longer term, Fitch said.
Mercyhealth, which operates seven hospitals in Illinois and Wisconsin, had roughly $657 million of outstanding debt as at fiscal year end on June 30, 2022. It reported approximately $1.2 billion of revenue in fiscal 2022 with approximately 370 days of cash on hand.
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