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Fitch affirms Universal Health
Fitch Ratings said it affirmed Universal Health Services, Inc.'s issuer default rating, senior unsecured notes and unsecured bank facility at BBB.
The outlook is stable.
The agency said Universal Health's ratings are supported by the company's industry-leading credit metrics, stable operations and diversified business model offset by meaningful event risk. The company's credit profile continues to strengthen, with the total debt-to-EBITDA ratio declining to 1.2 times for the last 12 months ended Sept. 30 from 1.6 times for 2008, but Fitch believes these gains may not be fully sustainable and that leverage will likely increase to 1.4 to 1.5 times in the 2010-2011 time frame due to moderating profitability and the potential for active cash deployment.
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