...The 'A¡' rating reflects Northwell's leading market share position in a large and competitive service area where it has a significant presence with strong acute care and ambulatory coverage supported by a large physician component, a historically thin but stable operating performance and proven ability to successfully manage growth which is expected to lead to improved cash flow in future years. The Stable Outlook and removal of the Rating Watch Negative are based on Fitch's expectation that the system will return to levels more consistent with historical performance starting with the current fiscal year, following two years of weaker results resulting from losses related to its insurance plans, now in wind-down mode, which will be needed to support its robust planned capital investment. A combination of midrange revenue defensibility, strong operating performance and midrange financial profile suggest a rating for Northwell in the 'BBB' category. However, Fitch's criteria allow the rating...
