Rating againcies deliver positive reports for Hartford HealthCare
January 2, 2020
For immediate release
Rating agencies deliver positive reports for Hartford HealthCare
Fitch upgrades to ‘A+’; Moody’s and S&P maintain solid ‘A’ rating
HARTFORD, Connecticut (January 3, 2020) — As part of its $750-million financing plan, Hartford HealthCare has received solid reviews from three national rating agencies.
Fitch Ratings, one of the three, has upgraded Hartford HealthCare’s rating to “A+” with a stable outlook. Fitch’s previous rating was “A” with a positive outlook.
The other two agencies — Moody’s Investors Service and S&P Global Ratings — maintained an “A” rating with a stable outlook, consistent with last year’s review.
In its press release, Fitch said “the upgrade to A+ reflects the continued improvement in Hartford HealthCare’s operating performance in fiscal 2019.”
Fitch continued: “Underlying the strong turnaround in performance has been the system’s continued strategic growth across the state of Connecticut, as Hartford HealthCare’s market share continues to incrementally increase.”
The agency noted “ongoing investments in physicians, key service lines and broad outpatient strategy, as well as additional hospital acquisitions, have supported strong revenue growth.”
Hartford HealthCare President and Chief Executive Officer Jeffrey Flaks said the ratings reflect the hard work of all 30,000 people who are part of the system.
“Together, we are ensuring Hartford HealthCare’s ability to offer more access to expertise for more people and communities,” Flaks said.
All three ratings agencies mentioned Hartford HealthCare’s acquisition of St. Vincent’s Medical Center in Bridgeport on October 1 as a key element in the system’s strategy, and noted that continued expansion of its ambulatory network in Fairfield County is anticipated.
The agencies also noted the recent settlement with the State of Connecticut regarding Medicaid reimbursement as a positive development.
Hartford HealthCare’s financing will provide funds for the recent acquisition of St. Vincent’s Medical Center plus further investment in Fairfield County, as well as refinancing current debt at lower interest rates.
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About Hartford HealthCare
With 30,000 colleagues and total operating revenue of $4.3 billion, Hartford HealthCare is Connecticut’s most comprehensive health system. Its care-delivery system, with more than 360 locations serving 185 towns and cities in Connecticut, Massachusetts and Rhode Island, includes two tertiary-level teaching hospitals, an acute-care community teaching hospital, an acute-care hospital and trauma center, three community hospitals, the state’s most extensive behavioral health network, a large multispecialty physician group, a clinical care organization, a regional home care system, an array of senior care services, and a large physical therapy and rehabilitation network. Hartford HealthCare’s system-wide Institute Model offers a unified, high standard of care in crucial specialties at hospital and ambulatory sites across Connecticut. The institutes include: Cancer, Heart and Vascular, Ayer Neuroscience, Orthopedics and Tallwood Urology. Learn more about Hartford HealthCare at www.hartfordhealthcare.org