...The assignment of the 'AA¡' Issuer Default Rating and affirmation of the 'AA¡' bond rating are based on strong historical profitability and liquidity, supported by historically significant philanthropic support. Cedars Sinai Medical Center (CSMC) enjoys a solid market presence in a fragmented and competitive service area. It is a provider of high-end services with an expanding outpatient presence, as evidenced by consistent volume growth. Fitch Ratings views favorably CSMC's recent affiliation with two area community hospitals, which has further expanded its market reach and generated referrals of high acuity cases. The organization has potentially sizable capital needs, which Fitch expects will be partially supported by philanthropy, as has been the case historically. These needs may temporarily put demands on liquidity and increase leverage, but Fitch believes the organization has sufficient funds and expected cash flow to complete the projects. The system should also be able to maintain...
