Fitch Ratings has affirmed the underlying 'BBB+' rating on the $26.0 million Massachusetts Health and Educational Facilities Authority revenue bonds, series 1994D bonds issued on behalf of Winchester Hospital (Winchester). The series 1994D bonds are insured by Ambac Assurance Corp., whose insurer financial strength is rated 'AAA' by Fitch Ratings. Fitch was not asked to rate the hospital's outstanding series 2004F and 2004G bonds. The Rating Outlook is Stable.
The affirmation is based on Winchester's consistent operating performance, good liquidity, and leading market share. These factors, coupled with the hospital's campus development strategy and strong clinical affiliations, mitigate concerns regarding the competitive service area, high managed care penetration and significant capital plans.
