From Business Wire, June 10, 2015:   Fitch Ratings has assigned an ‘A’ rating to the approximately $185 million in California Statewide Communities Development Authority Revenue Bonds series 2015A issued on behalf of Adventist Health System West, the nonprofit organization that operates 20 hospitals, 275 outpatient centers and 64 rural health clinics affiliated with the Adventist denomination in four western states in the U.S. In addition, Fitch has affirmed the ‘A’ rating on Adventist’s outstanding debt.

In connection with this tax exempt financing, Adventist Health plans to issue approximately $150 million of taxable debt in the form of a direct placement for general corporate purposes. The backing for the bonds “accounted for 97% of total assets and 95% of total revenue of the consolidated system in fiscal 2014,” the Fitch rating report stated. The health care agency has “been actively pursuing additional partnerships and acquisitions to reach at least $4 billion in revenue by 2017.”

“Adventist’s facilities have the leading market share in the majority of its markets,” Fitch also reported. “Total revenue in 2014 was $3.2 billion.” The organization’s “unrestricted cash and investments totaled $926 million [on] March 31,” according to Fitch. It’s “investment portfolio is very conservative with 87% invested in cash and fixed income securities.” Fitch is a recognized authority for issuing reports on corporation and institutional finances internationally and not in any way connected to the Adventist denomination.

The agency raises funds to construct and improve hospital facilities, open community health clinics and take on new programs and services when a need exists. It is the major program through which the Adventist faith impacts the lives of millions of people on the west coast of the United States. It is one of the largest health ministries of the Adventist movement around the world.