Standard & Poor Global Ratings raised its long-term bond rating and elevated the financial outlook to positive on the Coffee County Hospital Authority, tax exempt revenue bonds, issued for Coffee Regional Medical Center Inc.
S&P Global Ratings analyst Aamna Shah said “We assessed CRMC’s financial profile as adequate based on sustained improvement in most key metrics since fiscal 2013. More specifically, operating margins in the past two years have been robust compared with prior years as a result of operational improvements led by management. We anticipate that financial performance will remain in line with recent results because of the improvements evident in CRMC’s operating performance. Furthermore, CRMC has improved its balance sheet materially over the past year.”
S & P states the positive outlook reflects the agency’s view that CRMC is well positioned to continue to post margins in line with recent history due to operational improvements implemented by management. The outlook further reflects the expectation that management will continue implementation of cost control initiatives which may result in sustained improvements to operations and the balance sheet.
“This improved bond rating and outlook are the result of the outstanding efforts of our entire team. Every day and each caregiver, physician, and volunteer works to assure we operate in a cost-effective and efficient way by focusing on our purpose and strategic plan. Each of us at CRMC assures that we consistently provide high-quality, cost effective health care to the patients we serve,” said Vicki Lewis, CRMC President and CEO.
– Submitted