MOODY'S INVESTORS SERVICE UPGRADES TRINITAS BOND RATING
Upgrade follows recent similar action by Standard & Poor's
Moody's Investors Service has upgraded its rating of Trinitas Regional Medical Center (NJ) debt to Baa2 from Baa3 with a stable outlook. This upgrade affects $124.6 of outstanding debt issued through the New Jersey Health Care Facilities Financing Authority, and follows an upgrade of Trinitas on December 2, 2014 by Standard & Poor's Rating Services to BBB from BBB- with stable outlook.
According to a research report conducted by Moody's, the upgrade for Trinitas is based on Trinitas' "improved operating performance over the last three years due to continued expense reductions and more favorable managed care rates. The higher operating cash flow generation has improved debt coverage and leverage measures and fortified a historically strong liquidity position."
"Vigilance and prudent decision-making on the part of our Board and management staff has allowed Trinitas to prevail in the face of very uncertain times in healthcare," explained Gary S. Horan, FACHE, President and Chief Executive Officer. "These upgrades by Moody's and Standard & Poor's are very significant in that they come at a time when many healthcare institutions are being downgraded." Horan feels that as an independent, stand-alone hospital, Trinitas serves a large region but is also very attuned to its local communities. "We can move swiftly when presented with either challenges or opportunities," he stated.
Trinitas Regional Medical Center is a 554-bed institution, providing major comprehensive health services for those who live and work in Central New Jersey. It is a Catholic teaching medical center sponsored by the Sisters of Charity of Saint Elizabeth in partnership with Elizabethtown Healthcare Foundation.
Posted: January 9, 2015