May 17, 2022 – Moody’s Investors Service has raised its outlook from stable to positive for the North Broward Hospital District, which operates as Broward Health.
Moody’s confirmed the Baa2 assigned to the outstanding revenue bonds of the healthcare system, reflecting Broward Health’s “strong liquidity measures, modest leverage and conservative capital structure”, according to a recent press release issued by Moody’s.
Moody’s provides credit ratings, research and risk analysis for companies around the world.
In calculating its outlook, Moody’s considered Broward Health’s position in Broward County. The health system has a “strong market share in the area of primary services as a provider of a full range of medical services, including primary care, a children’s hospital, level I and level II trauma , and its role as a safety net provider.
“Moody’s expects [Broward Health] to restore the operating cash margin to at least 4.5%, over the coming year, as management continues to address workforce pressures and expand the points of corporate access, which will strengthen operating cash given IGT increases and tax funding,” according to the press release.
“The revised positive outlook released by Moody’s underscores our work to maintain and grow our financial agility,” said Alex Fernandez, senior vice president and chief financial officer of Broward Health. “One of our main goals is to have the funds necessary to further improve the advanced, high-quality care we provide to our patients and the community.”
This enhanced assertion follows S&P Global Ratings’ lofty outlook for the healthcare system. In February 2022, the S&P said its “A-” rating “reflects our expectation that Broward Health will sustain organizational improvements.”
About Broward Health
Providing services for over 80 years, Broward Health is a nationally recognized system in South Florida that provides world-class healthcare for everyone. Broward Health System includes Broward Health Medical Center Statutory Teaching Hospital, Broward Health North, Broward Health Imperial Point, Broward Health Coral Springs, Salah Foundation Children’s Hospital, Broward Health Weston, Broward Health Community Health Services, Broward Health Physician Group, Broward Health Emergency Care, Broward Health International and Broward Health Foundation. For more information, visit BrowardHealth.org.