Fitch Upgrades LifePoint Hospitals' IDR to 'BB'; Revises Outlook to Stable MarketWatch (press release)
NEW YORK, Jul 01, 2011 (BUSINESS WIRE) -- Fitch Ratings has upgraded its ratings for LifePoint Hospitals, Inc. (LifePoint) including the Issuer Default Rating (IDR), to 'BB' from 'BB-'. The Rating Outlook is revised to Stable from Positive. A complete list of ratings is provided at the end of this release. The ratings apply to approximately $1.7 billion of debt at March 31, 2011.
RATING RATIONALE:
--LifePoint has consistently demonstrated a solid level of financial flexibility. Total debt-to-EBITDA has trended close to 3.0 times (x) since 2007. While the debt balance has increased by about $150 million over that time, growth in EBITDA has offset the impact on leverage.
--LifePoint generated free cash flow (FCF) of about $205 million in 2010; the level of FCF generation has more than doubled since 2007 due to higher EBITDA, lower cash tax and interest expense. The company's 2011-2013 debt maturities are nominal.
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