...Analytical Conclusion: The `BBB' rating reflects revisions to Fitch Ratings' "U.S. Not-for-Profit Hospital and Health Systems Rating Criteria," dated Jan. 9, 2018, and subsequent application of the "Rating Criteria for Public Sector Revenue-Supported Debt," dated June 5, 2017. The rating primarily reflects Fitch's expectation that National Jewish Medical & Research Center's (NJH's) leverage profile will remain strong with net adjusted leverage below 1.0x cash flow available for debt service (CFADS) through normal cyclical volatility, offset by a very weak liquidity cushion and a `weaker' assessment of its operating risk. Midrange revenue defensibility is based on NJH's somewhat narrow service line, enhanced by a national reputation, favorable payor mix and solid demographics in its primary service area....
