Fitch Ratings affirms the 'BBB+' rating on $182 million in outstanding Dormitory Authority of the State of New York revenue bonds issued on behalf of Winthrop South Nassau University Health System (WSN). The Rating Outlook is Stable.
The affirmation of the 'BBB+' rating reflects strong debt service coverage, improving profitability, completion of major capital projects, and the positive benefits stemming from its membership in the Long Island Health Network (LIHN). Due to a moderate debt burden, coverage of maximum annual debt levels has been strong. For fiscal year 2007 WSN generated 4.8 times (x) of maximum annual debt service, well above the 'BBB' median of 3x. Other debt ratios are also favorable to medians.
