Inova Health Systems Foundation had the credit rating on $371.5 million of its debt raised by Standard & Poor's Corp. to AA from AA-. Standard & Poor's noted that the Fairfax, Va.-based system has a 42% market share in its primary service area, increasing utilization and a 10.3% profit margin.
Meanwhile, the nation's two largest healthcare bond-rating agencies have rewarded Jewish Hospital HealthCare Services for its strong market position and financial strength.
Standard & Poor's upgraded the Louisville, Ky.-based health network's rating on $8 million of debt to AA- from A+, while Moody's Investors Service announced an increase to A1 from A. Portions of the 1987 bonds will be refunded with proceeds from a new $40 million bond issue. The bond issue also will fund $20 million of capital expenditures for its heart and lung center.
Jewish Hospital Healthcare Services owns and manages 12 hospitals, including a 15-year contract with Louisville-based Alliant Health System to manage University of Louisville Hospital.