Fort Lauderdale, Florida - The North Broward Hospital District's (d/b/a Broward Health) Baa2 rating and stable outlook on its outstanding bonds have been affirmed by Moody's Investor Services. According to Moody's, "the affirmation of the Baa2 expects that the North Broward Hospital District will generate stable, but modest, margins in fiscal 2021,"; adding that the system is expected to "maintain a strong cash position to help absorb the impact of COVID-19 and provide robust coverage of a low risk debt burden."
“Maintaining the designation of ‘stable’ during a global pandemic demonstrates Broward Health’s strong fiscal positioning,” said Alex Fernandez, senior vice president and CFO of Broward Health. “ Our leadership team and caregivers have worked tirelessly during this pandemic to perform at the highest level of care with financial integrity and compliance. We look forward to the future and improved financial conditions that should further positively impact our financial outlook.”
In the Moody’s report released February 24, 2021, Broward Health was acknowledged for its strong balance sheet and its modest debt load. “ The North Broward Hospital District will continue to benefit from the system’s role as a large and diversified health system and as a safety net provider for Broward County.”
“Up until the pandemic, Broward Health was almost $2 million ahead of budget,” Fernandez said. “While we continue to respond to the current environment, we are proud that Moody’s has recognized our efforts and noted our responsible spending.”
Broward Health, founded in 1938 and headquartered in Fort Lauderdale, Florida, ranks among the 10 largest public healthcare systems in the United States. Nationally recognized for its focus on high-quality care for the residents of Broward County and beyond, Broward Health boasts five hospitals, two trauma centers, a dynamic academic partnership with Florida Atlantic University, was the county’s first statutory teaching hospital and has an ever-growing graduate medical education program. It includes more than 50 health centers and physician practices covering virtually every healthcare specialty.
Broward Health never stops working toward its mission of Exceptional Care, Extraordinary Compassion and Everyday Excellence. Driven by more than 11,000 talented employees and physicians who deliver care to all patients, regardless of their ability to pay, Broward Health is one of the largest employers in Broward County with an operating budget of $1.6 billion, and annually provides more than $522.6 million of charity and uncompensated care.
For more information about Broward Health, visit BrowardHealth.org.