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Article: Fitch Upgrades Catholic Healthcare West's -CA- to 'A-' from 'BBB+'.
- Article from:
- Business Wire
- Article date:
- October 28, 2004
CopyrightCOPYRIGHT 2004 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SAN FRANCISCO -- Fitch Ratings upgrades Catholic Healthcare West's approximately $2.5 billion outstanding bonds (listed below) to 'A-' from 'BBB+'. The Rating Outlook is revised to Stable from Positive.
The upgrade is based largely on CHW's impressive fiscal 2004 financial results, which well exceeded expectations, marking the fourth consecutive year of significant profitability improvement. Operating income was $127 million (including $24 million of one-time items) in fiscal 2004, approximately doubling the budget, and operating margin improved to 2.4% (1.9% excluding one-time items) from 1% in the prior year. Favorable renegotiated managed care contracts, ...