Moody's
On October 14, 2009 Moody's Investors Service affirmed the A2 rating on Catholic Healthcare West's bonds. Moody’s cites as strengths CHW’s solid operating performance, strong same-facility growth in revenues and admissions, conservative investment allocation, and reduced financial risk. Moody’s cited as challenges CHW’s leverage, economic weakness and the competitive nature of markets in California, Nevada, and Arizona, and CHW’s pension funding shortfall. The rating outlook remained at Stable.
Standard & Poor's
On October 9, 2009 Standard & Poor's Ratings Services affirmed its 'A' long-term ratings on Catholic Healthcare West's bonds. Standard & Poor’s cites CHW’s strength as one of the nation’s largest not-for-profit health systems, solid operating performance and cash flow, as well as the rebound in its capital resources. Offsetting factors include CHW’s substantial, although moderated, capital plans, and relatively high leverage. Standard & Poor’s affirmed the Stable outlook.
Fitch
On October 14, 2009, Fitch Ratings affirmed Catholic Healthcare West’s (CHW) rating at A+. The rating affirmation reflects CHW’s excellent management practices and sustained operating performance, as well as the size and geographic diversity of the system. Credit concerns include CHW’s extensive capital plan as well as a somewhat heavy debt burden. The rating outlook remained at stable.
