Rating firm upgrades outlook for Bayfront parent company
April 20, 2021 - Fitch Ratings has revised its outlook for Orlando Health to positive from stable. The rating agency also affirmed the A+ rating it has on Orlando Health, citing strong operating performance and good market position in a competitive but growing region of central Florida. The acquisition of Bayfront Health St. Petersburg expands Orlando Health’s operations and partially diversifies operations, Fitch said in a news release. Bayfront Health, with 480 beds, is the largest hospital in St. Petersburg. The positive outlook reflects Orlando Health’s growth in liquidity, with $2.6 billion in unrestricted cash and investments at the end of fiscal year 2020. Orlando Health expects to spend $3.3 billion on capital projects over five years, including $2 billion in spending in the next two years, Fitch said.