...Standard & Poor's Ratings Services affirmed its '###+' rating on Montgomery County Higher Education & Health Authority, Pa.'s revenue debt, issued for Holy Redeemer Health System (HRHS), The outlook is stable. We assess the enterprise profile as adequate, characterized by the system's low market share and location in a competitive service area. However, the extremely strong economic fundamentals in the market where the system operates offsets this somewhat. We assess the system's financial profile as strong, with ample days' cash on hand, unrestricted-reserves-to-long-term-debt, and moderate debt levels. We believe recent pressure on operating performance in fiscal 2016, which has led to weak coverage for the rating, offset these strengths. While year-to-date operating results are weak, expectations are for margins to be better then current results. More specifically, the rating reflects our opinion of HRHS':...
