Fitch Ratings has affirmed Hartford HealthCare’s ‘A’ rating and stable outlook for $376 million in bonds issued on its behalf by the Connecticut Health and Educational Facilities Authority.
Driving the rating were the facts that HHC’s five hospitals have 39.1 percent market share and a low debt burden. Operating margins have also improved from 2010 to 2012, though Fitch said HHC’s profitability remains “light” for the rating it received.
Fitch said last month that it’s closely watching how William H. Backus Hospital handles its long-term debt, following its affiliation with HHC. Backus bonds carry an ‘A+’ rating, but Fitch said it wants to see if HHC agrees to refinance and absorb the hospital’s debt, like it has with other hospitals with which it has affiliated.
