The rating affirmation was supported by a number of factors, including VHC’s consistently high cash flow margins. VHC’s cash flow margin was 15.2 percent in fiscal year 2013 and 13.7 percent in the first nine months of fiscal year 2014, which are both above the hospital center’s average cash flow margin between 2005 and 2013 of 12.9 percent.
The rating affirmation was also supported by the VHC’s favorable payer mix, location in an area with low unemployment, and strong balance sheet position.
VHS also faces some challenges, which were considered for the rating affirmation, such as its location in a highly competitive market and aggressive investment policy.
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