AA-minus rating for Banner Health bonds
SAN FRANCISCO, Calif. – San Francisco-based Fitch Ratings has assigned its AA-minus rating to $1.3 billion in revenue bonds for Phoenix-based Banner Health to fund health-care acquisitions and build new facilities in Arizona.
Fitch announced the rating in a July 29 news release, saying the bonds will be sold during the week of Aug. 28. Fitch also affirmed its AA-minus rating on $1.78 billion in outstanding bonds already issued on behalf of Banner and gave them a “stable” rating outlook.
Banner plans to use the proceeds to refund about $734.8 million in outstanding revenue bonds and about $570 million to finance the acquisition of Sun Health Corp. and fund its ongoing capital projects, Fitch said.
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Fitch said the AA-minus rating “is supported by Banner’s strong operating performance and debt service coverage, good liquidity and leading market position in its two core markets in Arizona and Colorado.”
Banner owns McKee Medical Center in Loveland and operates North Colorado Medical Center in Greeley.
SAN FRANCISCO, Calif. – San Francisco-based Fitch Ratings has assigned its AA-minus rating to $1.3 billion in revenue bonds for Phoenix-based Banner Health to fund health-care acquisitions and build new facilities in Arizona.
Fitch announced the rating in a July 29 news release, saying the bonds will be sold during the week of Aug. 28. Fitch also affirmed its AA-minus rating on $1.78 billion in outstanding bonds already issued on behalf of Banner and gave them a “stable” rating outlook.
Banner plans to use the proceeds to refund about $734.8 million in outstanding revenue bonds and about $570 million to finance the…
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