Friday Sep. 15, 2023
Moody's Investors Service Upgrades Broward Health's Revenue Bond Rating
FORT LAUDERDALE, Fla. - Moody's Investors Service raised its revenue bond rating to Baa1 from Baa2 for the North Broward Hospital District, which operates as Broward Health.
The rating reflects Broward Health's "durability of margins and liquidity," as well as its efforts to grow and diversify revenue by expanding retail pharmacy and other business lines, according to a recent press release issued by Moody’s.
Moody's rated Broward Health's financial outlook as stable and considered the health system's standing in Broward County.
“North Broward Hospital District's essentiality as the county's safety net provider and its tertiary service array will continue to drive good patient demand and volumes, further undergirding its essentiality,” Moody’s reported. “The stable outlook reflects the likelihood that operating cash flow margins will remain in the mid-single digit level and that balance sheet measures will remain solid as the North Broward Hospital District deploys capital to grow and re-invest in its assets.”
Moody’s supplies credit ratings, research, and risk analysis for companies across the world including local governments and larger organizations.
“Our focus on enhancing our health care services has resulted in improved financial performance and increased confidence in our organization,” said Alisa Bert, interim chief financial officer and vice president of financial operation at Broward Health. “We are pleased that our diligent efforts in managing our financials, reducing debt, and improving operational efficiency have resulted in an improved bond rating.”
The rating reflects Broward Health's "durability of margins and liquidity," as well as its efforts to grow and diversify revenue by expanding retail pharmacy and other business lines, according to a recent press release issued by Moody’s.
Moody's rated Broward Health's financial outlook as stable and considered the health system's standing in Broward County.
“North Broward Hospital District's essentiality as the county's safety net provider and its tertiary service array will continue to drive good patient demand and volumes, further undergirding its essentiality,” Moody’s reported. “The stable outlook reflects the likelihood that operating cash flow margins will remain in the mid-single digit level and that balance sheet measures will remain solid as the North Broward Hospital District deploys capital to grow and re-invest in its assets.”
Moody’s supplies credit ratings, research, and risk analysis for companies across the world including local governments and larger organizations.
“Our focus on enhancing our health care services has resulted in improved financial performance and increased confidence in our organization,” said Alisa Bert, interim chief financial officer and vice president of financial operation at Broward Health. “We are pleased that our diligent efforts in managing our financials, reducing debt, and improving operational efficiency have resulted in an improved bond rating.”
Broward Health is a nationally recognized health system in South Florida. As one of the 10 largest public healthcare systems in the U.S., Broward Health boasts two trauma centers and virtually every health specialty, offering compassionate, personalized care across its four hospitals and more than 50 health centers and physician practices. As a leader in advanced healthcare for 85 years, Broward Health has a robust graduate education program and international services. For more information, visit BrowardHealth.org.