...Analytical Conclusion: The 'BBB¡' Issuer Default Rating (IDR) primarily reflects Marshall Medical Center's (MMC) midrange net leverage profile under a stress scenario through the cycle relative to its operating profile. The Stable Outlook at the higher rating level reflects Fitch Ratings' expectation that MMC will improve profitability and operating margins at more historical levels over the medium term and manage its leverage position commensurate with a 'BBB¡' rating. Comparatively weaker fiscal 2017 results reflect disruption from delayed federal approval of California's now-permanent provider fee schedule, though MMC's longer term track record of adequate cost management and consistent volume growth supports Fitch's expectation for a return to historically solid profitability levels....
