FORT LAUDERDALE, FLORIDA; S&P Global Ratings revised its outlook to positive from stable and affirmed its 'A-' long-term rating on Broward Health's series 2017B revenue bonds. This upgrade comes on the heels of Moody's upgrading Broward Health's revenue bond rating to Baa1.
The positive outlook reflects Broward Health's improved operating performance, driven in part by increasing demand for services and meaningful tax revenue support, coupled with some strengthening enterprise profile characteristics, including new partnerships and strategic initiatives that could allow for market share growth over time.
"This upgrade reflects our commitment to financial stability and growth, as well as our ability to navigate the ever-changing healthcare landscape,” said Shane Strum, president and CEO of Broward Health. “It is a testament to the hard work and dedication of our team, who consistently strive to provide high-quality care to our patients.”
The rating reflects S&P Global Ratings’ assessment of Broward Health's overall strong financial profile, with improving operating income, steady growth in liquidity, and low leverage. The positive outlook also acknowledges the expectation that Broward Health will sustain the organizational and operational improvements as they remain an essential healthcare provider in Broward County.
"Broward Health’s strong financial performance and solid strategic initiative is demonstrated by our leadership and financial teams, who have diligently managed our resources and ensured financial stability,” said Alisa Bert, interim chief financial officer and vice president of financial operation at Broward Health. “We will continue to focus on prudent financial management, cost containment, and revenue growth to further strengthen our position in the healthcare industry.”
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.
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.