...Sustained Operating Results: The rating upgrade to `A+' from `A' is supported primarily by healthy operating performance ahead of budget, which drove further balance sheet growth despite increased capital spending. In fiscal 2015 (June 30 year-end), Community Foundation of Northwest Indiana (CFNI) produced a 13.7% operating EBITDA margin, well in excess of Fitch's `A' rating category median and ahead of its 10% budget target. Strategic growth in ambulatory clinical volume and steady cost controls drove profitability. Limited Capital Needs: While capital spending is expected to remain in excess of depreciation near $50 million¡$60 million over the intermediate term, it is expected to be funded with cash flow with no additional debt planned. Furthermore, CFNI's targeted ambulatory growth plans, coupled with a manageable 11.2 year average age of plant, are consistent with an expectation of manageable capital outlay going forward. Ongoing Liquidity Growth: Balance sheet metrics continue to...
