Standard & Poor’s Affirms NYU Hospitals Center’s A- Credit Rating and Overall “Stable” Long Term Outlook
NYU Langone Medical Center is pleased to announce Standard & Poor’s (S&P) has affirmed the A- rating assigned to NYU Hospitals Center's (NYUHC) bonds issued by the New York State Dormitory Authority and its A- rating on Series 2012A taxable bonds issued by NYUHC. S&P also affirmed NYUHC’s “stable” long term outlook.
“We are thrilled S&P remains confident in the medical center’s A- credit rating and stable outlook,” said Michael T. Burke, senior vice president and vice dean, corporate chief financial officer at NYU Langone Medical Center. “This rating affirmation underscores the impressive fact that our inpatient and outpatient volumes have largely rebounded since Superstorm Sandy, as well as the agency’s confidence that our overall financial outlook is bright.”
The rating affirmation reflects S&P’s opinion that NYUHC retained sufficient underlying operating and financial strength, despite the short-term negative impact of Superstorm Sandy on the medical center. Damages sustained as a result of Superstorm Sandy caused the hospital to close for nearly three months, but following a remarkably quick recovery, operations are returning to levels prior to the Superstorm. Construction plans are moving forward for the new Helen L. and Martin S. Kimmel Pavilion and energy building. S&P also cited NYUHC’s continued growth in ambulatory visits, which accounts for almost half of the medical center’s annual revenue.
Earlier this spring Moody's also affirmed its A3 ratings assigned to NYUHC’s bonds, removing the ratings from review for downgrade. Moody’s also rated NYUHC’s outlook as “stable.”