BOCA RATON, FL (BocaNewsNow.com) — Either Standard and Poor's know that lots of folks in the area are going to get sick — and will pay their bills — or Boca Raton Regional Hospital continues to do something right when it comes to the business of medicine. S&P has upgraded the hospital's rating outlook from “Stable” to “Positive.”
Officials at Boca Raton Regional Hospital (BRRH) today announced that Standard & Poor’s (S&P) Rating Services has affirmed the Hospital’s Investment Grade credit rating and upgraded the organization’s rating outlook from Stable to Positive.
This follows on the heels of a similar affirmation and upgrade by Fitch Ratings in February. In issuing its analysis, S&P stated, “The positive outlook reflects our opinion of BRRH’s improved operating profile and balance sheet with growth in unrestricted reserves, improved debt service coverage in the last fiscal year, and year-to-date results that are ahead of the prior year.”
The rating agency also noted the Hospital’s management efforts to improve efficiency, recruit and align with physicians and partner with other hospitals—all of which should lead to improved operating results.
“This now constitutes two very favorable reviews of the Hospital by the major rating agencies,” said Jerry Fedele, President and CEO at Boca Regional. “Both Fitch and S&P were similar in recognizing our areas of achievement and opportunities for further improvement. We are extremely gratified in earning the upgrades in outlook and will continue our efforts to secure a higher rating.”
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