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TMCNet:  Fitch Upgrades Bridgeport Hospital's (CT) Revs to 'AA-'; Stable Outlook

[July 02, 2014]

Fitch Upgrades Bridgeport Hospital's (CT) Revs to 'AA-'; Stable Outlook

SAN FRANCISCO --(Business Wire)--

Fitch Ratings has upgraded the following bonds to 'AA-' from 'A', issued by the Connecticut Health and Educational Facilities Authority on behalf of Bridgeport Hospital (BH):

--$34.3 million, series D.

SECURITY

The bonds are secured by a pledge of gross revenues.

KEY RATING DRIVERS

RATING UPGRADE TO 'AA-': Fitch has upgraded BH's series D bonds in response to the completed transaction between Yale New Haven Health System (YNHHS; rated 'AA-', Stable Outlook) and BH. With the closing of the transaction, BH is now a member of YNHHS' obligated group (YNHHOG).

RATING SENSITIVITIES

MAINTENANCE OF CURRENT PERFORMANCE: Fitch expects YNHHOG to maintain performance consistent with historical levels and in line with current 2014 interim profitability (3.6% operating margin and 10% operating EBITDA margin). Fitch would view significant balance sheet deterioration negatively.

CREDIT PROFILE

Located in Bridgeport, CT, BH has 383 licensed beds with an additional 42 licensed beds under Yale New Haven Children's Hospital license. The organization has an active medical/dental staff of 602 and employs approximately 2,500 other professional, administrative, and support personnel. Total revenue in fiscal 2013 (Sept. 30 year-end) was $445 million.

For more information please see Fitch's press release:

Fitch Rates Yale New Haven Health (CT) Revs 'AA-'; Outlook Stable, dated May 13, 2014.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Nonprofit Hospitals and Health Systems Rating Criteria' (May 30, 2014).

For information on Build America Bonds, visit 'www.fitchratings.com/BABs'.

Applicable Criteria and Related Research:

U.S. Nonprofit Hospitals and Health Systems Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=746860

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=837698

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON (News - Alert) THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.


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