Fitch Ratings said it has upgraded to AA-minus from A $34.3 million Bridgeport Hospital series D, issued by the Connecticut Health and Educational Facilities Authority.
The bonds are secured by a pledge of gross revenues.
Fitch has upgraded BH's series D bonds in response to the completed transaction between Yale New Haven Health System (YNHHS; rated AA-minus, stable outlook) and BH.
With the closing of the transaction, BH is now a member of YNHHS' obligated group (YNHHOG).
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.
Located in Bridgeport, Conn., 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.
