Fort Lauderdale, Florida -- The North Broward Hospital District's (d/b/a Broward Health) outlook and BBB+ long-term rating has been affirmed by S&P Global Ratings as stable. According to S&P, "the rating reflects our assessment of Broward Health's manageable level of operating losses, especially given its solid liquidity and financial flexibility and conservative all fixed-rate debt structure. We also believe Broward Health maintains an adequate enterprise portfolio, with a good business position in northern Broward."
“In today’s unprecedented economic situation, we are very pleased with S&P’s affirmation,” 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 S&P report released June 12, 2020, Broward Health was acknowledged for slightly leading market position in its highly competitive primary service area of the northern two-thirds of Broward County with a 31% primary market share (fiscal 2019). As part of its affirmed BBB+ rating, the system’s “still solid balance sheet highlighted by strong days' cash on hand, unrestricted reserves to debt, and light debt levels” were also recognized.
“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 S&P has recognized our efforts and noted that we are also now slightly leading in market position in a very competitive service area.”