Fitch Ratings said it has upgraded to A-minus from BBB-plus the Hospital Authority of Savannah $11.5 million taxable revenue bonds, series 1998C, and $37.8 million revenue bonds series 2003 issued on behalf of St. Joseph's/Candler Health System.
The rating outlook is revised to stable from positive.
SJ/C has an additional $110.2 million in floating-rate direct placement debt, which Fitch does not rate.
The rating upgrade reflects SJ/C's sustained strong operating performance. SJ/C has maintained healthy results through the six-month interim period ended Dec. 31, 2012 with a 4.1% operating margin and 9.9% operating EBITDA margin, in line with Fitch's A respective category medians of 2.8% and 9.8%.
