Bangkok--11 May--Standard & Poor's
Standard & Poor's Ratings Services revised its outlook to positive from stable on the ratings on the Arizona Health Facilities Authority's debt issued on behalf of Banner Health, Ariz. At the same time, Standard & Poor's affirmed its 'A+' long-term ratings and underlying ratings (SPUR), where applicable, on the authority's debt issued on behalf of Banner Health.
"The outlook revision reflects our view of the health care provider's solid market position in its core markets in the greater Phoenix and northeast Colorado service areas; solid operating and excess income levels in fiscal 2009; improved balance sheet metrics; very low average age of plant; and sound management team that has implemented cost containment measures and strategic growth and quality initiatives," said Standard & Poor's credit analyst Kevin Holloran.
Banner operates 22 hospitals and health care facilities in seven states, but is concentrated in the Arizona and Colorado markets. Banner is the clear market leader in the Phoenix, Ariz., market, with an approximate 41% market share of county discharges.
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 RatingsDirect on the Global Credit Portal subscribers at www.globalcreditportal.com and RatingsDirect subscribers at www.ratingsdirect.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:
Ana Sandoval, New York (1) 212-438-5095,
[email protected]
Analyst Contacts:
Kevin Holloran, Dallas (1) 214-871-1412
Geraldine Poon, San Francisco (1) 415-371-5078