Lynchburg, Va.-based Centra Health, a four acute care hospital system, saw its default credit rating upgraded to "A" amid an "improving financial profile," Fitch Ratings said Sept. 7.
The rating, accompanied by a stable outlook, was also applied to a series of 2021 bonds, Fitch said.
The system, which has a clinical affiliation with University of Virginia Health, maintains a dominant market position in its service area of Central and Southern Virginia, Fitch said, enjoying an 81 percent market share.
Centra's days' cash on hand of 209 days at June 30, 2023, was described by Fitch as "solid." The system had approximately $1.3 billion in total operating revenue during fiscal year 2022.