"Fitch Affirms Banner Health System's (AZ) Rev Bonds at 'AA-'; Outlook Stable" $NAZ

Good to know - this Banner hospital bond is largest holding of the NAZ muni fund:

"STRONG AND CONSISTENT PROFITABILITY: Despite continued revenue pressure from lower volume, Banner has been able to maintain strong and consistent operating results that exceed Fitch's 'AA' category medians. From 2010-2013, Banner has generated operating margins between 5% and 6.1% and operating EBITDA margins between 13.1% and 14.6%, which is well in excess of the respective 'AA' category medians."