NEW YORK - Moody's Investors Service said it has upgraded to Baa2 from Baa3 the long-term bond rating assigned to Aspen Valley Hospital District, Colo.'s (AVHD) $11.1 million of outstanding Series 2007 revenue bonds. The outlook remains stable.
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The rating upgrade is due to continued strong financial performance with the hospital consistently generating double-digit cash flow margins, material growth in unrestricted cash and investments, and successful phasing of a large capital project on campus. The rating upgrade is also supported by a strong management team that has been able to generate very healthy profitability despite inpatient volume declines and flat revenue growth and the challenges of operating a small hospital.
