...The Issuer Default Rating (IDR) of 'AA' reflects Fitch Ratings' expectation that Rady Children's Hospital and Health Center (Rady Children's) will continue to be the leading provider of pediatric services in its growing San Diego and surrounding Tri-County service area, insulating Rady Children's from significant competition and continuing to support midrange revenue defensibility over the long term. Fitch also expects that Rady Children's will continue to generate strong operating EBITDA margins of about 12%¡13% in the coming years. The rating reflects Fitch's view that Rady Children's already strong liquidity will improve over the near- to longer-term, as excess cash flow increases unrestricted liquidity....
