Moody’s Makes Positive Upgrade to Hackensack University Medical Center
August 22, 2016 04:01 PM
Hackensack Meridian Health is pleased to report that Moody's Investors Service has upgraded the long-term rating on Hackensack University Medical Center to A2 from A3. The outlook remains positive.
“Hackensack University Medical Center has worked hard to ensure a positive and stable financial future, demonstrating fiscal responsibility while also investing in the health care of tomorrow,” said Robert C. Garrett, co-CEO of Hackensack Meridian Health. “We are pleased that this new Moody’s upgraded rating, in combination with the recent Standard & Poor’s Global Ratings upgrades, reflects Hackensack Meridian Health’s strength and vitality as a combined network.”
Moody’s report indicated that the synergies that will be realized over time as a result of the recent merger will outpace the costs to capture anticipated efficiencies and continue to position the rating for upward movement..
Just last month, Standard & Poor's Global Ratings made several positive upgrades to the bond ratings of Hackensack Meridian Health entities. Legacy Meridian Health System was upgraded from an “A” to an “A+” on its fixed rate bonds with an outlook of stable. HackensackUMC was upgraded from “A-” to “A+”, also with an outlook of stable. In addition Standard & Poor's Ratings Services raised its rating on bonds issued for Palisades Medical Center to “A-” from “BBB-”, also with a stable outlook.
About Hackensack Meridian Health
Hackensack Meridian Health is a leading not-for-profit health care organization that is the most comprehensive and truly integrated health care network in New Jersey, offering a complete range of medical services, innovative research and life-enhancing care. Hackensack Meridian Health comprises 13 hospitals, including two academic medical centers, two children’s hospitals and nine community hospitals, physician practices, more than 120 ambulatory care centers, surgery centers, home health services, long-term care and assisted living communities, ambulance services, lifesaving air medical transportation, fitness and wellness centers, rehabilitation centers, and urgent care and after-hours centers. Hackensack Meridian Health has 28,000 team members, more than 6,000 physicians and is a distinguished leader in health care philanthropy, committed to the health and well-being of the communities it serves.
The Network’s notable distinctions include having one of only five major academic medical centers in the nation to receive Healthgrades America’s 50 Best Hospitals Award for five or more consecutive years, the number one hospital in New Jersey as ranked by U.S. News & World Report, consistently achieving Magnet® recognition for nursing excellence from the American Nurses Credentialing Center, recipient of the John M. Eisenberg Award for Patient Safety and Quality from The Joint Commission and the National Quality Forum, a six-time recipient ofFortune’s “100 Best Companies to Work For,” one of the “20 Best Workplaces in Health Care” in the nation, and the number one “Best Place to Work for Women.” Hackensack Meridian Health is a member of AllSpire Health Partners, an interstate consortium of leading health systems, to focus on the sharing of best practices in clinical care and achieving efficiencies.
The hospitals of Hackensack Meridian Health include: academic medical centers - HackensackUMC in Hackensack, Jersey Shore University Medical Center in Neptune; children’s hospitals - Joseph M. Sanzari Children’s Hospital in Hackensack, K. Hovnanian Children’s Hospital in Neptune; community hospitals - Ocean Medical Center in Brick, Riverview Medical Center in Red Bank, HackensackUMC Mountainside in Montclair, HackensackUMC Palisades in North Bergen, Raritan Bay Medical Center in Perth Amboy, Southern Ocean Medical Center in Manahawkin, Bayshore Community Hospital in Holmdel, Raritan Bay Medical Center in Old Bridge, and HackensackUMC at Pascack Valley in Westwood.
To learn more, visit www.hackensackmeridianhealth.org.