...The Long-Term IDR of 'AA' is attributable to Billings Clinic's very strong financial profile assessment, combined with its leading market position over a very broad and generally favorable service area (albeit with competition). The Stable Rating Outlook reflects Fitch Ratings' expectation that the clinic will maintain strong operating EBITDA margins and continue to build balance sheet strength and sustain strong capital-related ratios during the construction phase of its various capital spending projects. The clinic is stable through the cycle in Fitch's stress rating case, consistent with the combination of mid-range revenue defensibility, strong operating risk assessment and very strong financial profile....
