...This report describes the operating and financial factors Fitch Ratings considers in rating certain nonprofit institutions (institutions, or 501C3 organizations) classified as tax exempt by the Internal Revenue Service under Section 501C3 of the Internal Revenue Code. Charitable organizations, private foundations, human service providers, and cultural institutions, including museums, performing arts centers, and aquariums are typical examples of the broad spectrum of debt-issuing nonprofit institutions covered by these criteria. Nonprofit colleges, universities, and various healthcare entities, which may also be classified as 501C3 organizations, are covered by separate, sector-specific criteria. Not all rating factors outlined in this report may apply to an individual rating or rating action. The types of institutions covered under this sector-specific criteria can vary significantly and therefore the relevant factors can vary. Each specific rating action commentary or rating report will...
