...S&P Global Ratings has raised its long-term and underlying ratings on Norman Regional Hospital Authority (NRHA), Okla.'s revenue debt, issued for Norman Regional Health System (NRHS), to 'A-' from '###+'. The outlook is stable. The upgrade reflects NRHA's continued operating profitability and healthy cash flow at the same time as the authority's unrestricted reserves have continued improving steadily. The improving net assets (from the healthy earnings) and liquidity have also contributed to improving debt-related ratios that have historically pressured the rating, although they are slightly higher than medians. We view NRHA's enterprise profile as strong due to its solid market position, with a 37.2% market share in an expanding primary service area (PSA); stable volumes; and adequate economic fundamentals anchored by the University of Oklahoma. We also assess its financial profile as strong, with a net revenue base of just under $400 million, continued positive operations contributing...
