BOCA RATON, FL (BocaNewsNow.com) — Officials at Boca Raton Regional Hospital today announced that both Fitch Ratings and Standard & Poor’s Ratings Services (S&P) have raised the Hospital’s investment grade credit rating from BBB- to BBB. Concurrently, both Fitch and S&P gave the Hospital a “Stable” ratings outlook.
In issuing the upgrades, Fitch and S&P noted a number of important factors that supported their respective decisions. They include:
The Hospital’s strong market position in southern Palm Beach County Improving operating performance, especially in the last two fiscal years
Strong philanthropic support of the Hospital
Expanding service area and strategic partnerships that have increased utilization Key service line and programmatic growth
Continuing physician recruitment
“We are extremely gratified to have earned these upgrades in our credit rating,” commented Jerry Fedele, President and CEO at Boca Regional. “To have both rating agencies issue an upgrade is a credible reflection of the progress we have made in securing the financial health of the institution and positioning it for success — now and in the future.”
Fedele stressed, however, that Boca Regional’s achievements are not limited to those seen on a balance sheet. “Evidence of the Hospital’s growing vitality can also be measured by such indicators as our numerous national accolades for quality of care, cutting-edge technology and physician expertise,” he said.
With the opening of the new, $52 million Marcus Neuroscience Institute this fall, the completion of a new $22 million Christine E. Lynn Women’s Health & Wellness Institute in the summer of 2015 and design for a new Gloria Drummond Rehabilitation Center in the planning stages, the campus of Boca Regional is undergoing a major transformation. The Hospital has also structured significant alliances with such organizations as North Shore-LIJ Health System and the Moffitt Oncology Network that will serve to make Boca Regional even more formidable in its capabilities.
With extraordinary philanthropic support and improved operating performance, the last three years have seen the Hospital embark on a vigorous plan to expand services and invest in its clinical offerings — all of which have contributed materially to its growth in patient volumes. Notable examples of this include: the first hybrid operating room in Palm Beach County; the development of the Irving and Barbara C. Gutin Center for Robotic Surgery, which is now the busiest program in Palm Beach County; a newly renovated, state-of-the-art Wold Family Center for Emergency Medicine and the introduction of the Morgan Pressel Center for Cancer Genetics.
“By any metric, financial or operational, Boca Raton Regional Hospital has made tremendous strides,” noted Fedele. “Both the S&P and Fitch analyses recognize this, and their upgrades of our credit rating are a strong validation of the efforts we have made.”