Moody’s analysis for the rating assignment factored in the financial position of the entire Bellin Health System in Green Bay.
The rating assignment was supported by a number of factors, including BHS’ track record of profitable operating margins (with particularly strong results in fiscal year 2014) and improved liquidity and debt coverage ratios, according to Moody’s.
However, those factors are balanced by competition in the Green Bay area, cash on hand that remains somewhat modest at the rating level, and exposure to significant operating leases.
Moody’s expects BHS to continue to generate good operating results, although it expects margins will moderate from the strong results recorded in FY 2014. Moody’s also expects BHS at least to maintain recently improved liquidity ratios.
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