Colorado Health Facilities Authority North Colorado Medical Center; Hospital; Joint Criteria Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's Ratings Services has affirmed its 'A+' underlying ratings (SPURs) on Colorado Health Facilities Authority's bonds, issued on behalf of the North Colorado Medical Center (NCMC). The outlook is stable. The rating reflects our assessment of NCMC's: Fifteen-year, noncancelable operating agreement with Banner Health (which is currently pending extension to Jan. 1, 2027, that constitutes the full faith and credit of Banner Health and allows for predictability regarding upcoming NCMC revenues; Strong balance sheet, highlighted by solid days' cash on hand and a very strong cash-to-debt ratio; Solid maximum annual debt service (MADS) coverage; and Position as sole acute-care provider in the growing Weld County, Colo., service area, and excellent market share of 86%. Partially offsetting credit factors...

Companies mentioned in this report are: North Colorado Med Ctr,Colorado Hlth Fac Auth
Action: Affirmed

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

North Colorado Med Ctr,Colorado Hlth Fac Auth

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