Bangkok--15 Jun--Standard & Poor's
Standard & Poor's Ratings Services raised its long-term and underlying ratings to 'AA-' from 'A+' on Banner Health, Ariz.'s outstanding debt. At the same time, Standard & Poor's assigned its 'AA-' underlying rating (SPUR) on Banner Health's series 2007A&B hospital revenue bonds and outstanding secondary market insured bonds. The outlook is stable. Finally, Standard & Poor's affirmed its 'AAA/A-1+' and 'AAA/A-1' ratings on Banner Health's variable-rate demand obligations (VRDOs), based on the application of joint criteria, with low correlation.
"The raised rating reflects our view of Banner's improved operating results and robust cash flow. Further supporting the rating are its very low age of plant and sound management team," said Standard & Poor's credit analyst Geraldine Poon.
Banner operates 23 hospitals and health care facilities in seven states, but is concentrated in the Arizona and Colorado markets.
RELATED CRITERIA AND RESEARCH
- USPF Criteria: Not-For-Profit Health Care, June 14, 2007
- USPF Criteria: Commercial Paper, VRDO, And Self-Liquidity, July 3, 2007
- USPF Criteria: Municipal Applications For Joint Support Criteria, June 25, 2007
Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
Media Contact:
Edward Sweeney, New York (1) 212-438-6634,
[email protected]
Analyst Contacts:
Geraldine Poon, San Francisco (1) 415-371-5078
Kenneth T Gacka, San Francisco (1) 415-371-5036