“The higher rating reflects our view of Gillette’s good growth in unrestricted reserves, coupled with very consistent and solid operating margins and cash flow that are contributing to healthy maximum annual debt service coverage,” said S&P analyst Allison Bretz.
“The hospital issued $20 million of additional debt in fiscal [year] 2016, but we believe the balance sheet is strong enough to sustain this debt at the higher rating level,” Ms. Bretz added.
The outlook is stable.
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