On March 11, the financial rating service Standard & Poor's announced a two-notch, bond credit rating upgrade for Community Medical Centers, from "BBB" to "A-" with a "stable" outlook.
This upgrade is highly significant. It’s expert affirmation that Community is a financially sound, well managed, and well-positioned organization. And the higher rating means that when Community again needs bond financing for future expansion, Community will enjoy more advantageous terms.
In its full report, S&P noted these key strengths for Community:
- An excellent and growing market position.
- A track record of performing well to budget and carefully managing debt.
- Maintaining a steady supply of cash on hand, despite recent costs for the Clovis expansion project.
- A strengthened financial profile and improving balance sheet.
- A stable leadership core with a history of operational execution.
- And recent initiatives to strengthen our capabilities for the evolving healthcare environment, such as establishing Community Care Health Plan for our employees and expanding use of our Epic electronic health record.
“This is a huge team achievement — at a time of much transition and financial challenges in healthcare — and it has important implications for our future,” said Community CEO Tim Joslin. “This again affirms Community is a solid, advancing place to work and obtain care, for years to come.”
Mary Lisa Russell reported this story. Reach her at MedWatchToday@communitymedical.org
