Cooper University Health Care Credit Rating Improves to “A-“ Its Highest Rating
(CAMDEN CITY, NJ) (CNBNEWSNET)– Cooper University Health Care’s credit rating for bonds issued by Camden County Improvement Authority was upgraded by S&P Global Ratings (S&P) to an “A-“ from “BBB+.” Cooper’s new credit rating is the highest it has been in its 135-year history.
“This upgrade speaks to the remarkable turnaround Cooper University Health Care has made from near bankruptcy at the turn of the century to today’s strong financial position,” said George E. Norcross, III, Chairman of the Board of Trustees of Cooper University Health Care. “This achievement is a testament to the commitment of the thousands of Cooper team members who work, day and night, to provide the best health care to our patients.”
S&P cited Cooper management’s focus “on cost containment and revenue enhancement.” S&P also noted MD Anderson Cancer Center at Cooper has “boosted oncology services since 2003.”
“Cooper has grown into an elite, nationally recognized academic health system with patients from all 50 state and more than 35 countries. Today’s credit rating upgrade is validation of Cooper’s financial strength, our prudent growth strategies, and the tremendous work by our dedicated team members who tirelessly serve our patients, their families, and each other to produce our current and future success,” said Kevin O’Dowd, co-CEO of Cooper University Health Care.
S&P also noted that Cooper “has remained focused on increasing market share” and “developing, enhancing, and promoting its key services to gain more tertiary referrals” to “limit outmigration to the Philadelphia academic medical centers.” Additionally, S&P noted that Cooper continues benefit from its “physician recruitment; rising tertiary transfers from community hospitals … and ambulatory expansion in the suburbs.”
“This credit rating upgrade confirms our strategy to focus on becoming an exceptional academic health system and managing our finances in a way that allows us to continue to grow to meet increasing demand from patients seeking the higher level of care our experts provide,” said Anthony Mazzarelli, co-CEO of Cooper University Health Care.