The upgrade on Maricopa County Industrial Development Authority, Ariz.'s bonds, issued for Sun Health Corp. and Sun Health Properties Inc., reflects: Dominant market share in a growing service area; Continued revenue and profitability growth; Improved liquidity; and Successful presales and fill-up of Grandview Terrace, a joint-venture continuing care retirement community located on Sun Health's Del Webb campus. Other positive factors include the improved performance at the Del Webb campus, providing further diversification and significant community support, demonstrated by strong fundraising capabilities. Mitigating factors include risks associated with reliance on Medicare (for 79% of revenue) and a relatively high debt burden at 6% of revenue. Sun Health operates two acute-care hospitals, the 279-bed Boswell Memorial Hospital in Sun City and the
