...Analytical Conclusion: The `BB+' IDR and revenue bond downgrade to `BB+' from 'BBB¡' reflect Adventist HealthCare's (AHC) highly leveraged financial profile under the application of Fitch Ratings' revised not-for-profit healthcare criteria, which places a heightened emphasis on maintenance of leverage ratios and liquidity through the cycle in Fitch's rating case. Although Fitch expects operating performance to strengthen modestly with the completion of a replacement facility, the growth in resources required to appreciably improve the leverage profile in the forward looking period is unlikely, and Fitch expects that the balance sheet will remain highly leveraged through Fitch's rating cycle....
