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.”