Broward Health touted S&P Global Ratings' two notch upgrade to its bonds to AA-plus from AA-minus.
"This substantial, two-jump upgrade in our S&P rating highlights our dedication to financial excellence and our resilience in a constantly evolving healthcare environment, particularly in a time when many health systems are facing challenges," Shane Strum, president & CEO of Broward Health, said Monday. "It not only reflects our robust financial strategies and adaptability but also demonstrates our resilience and ability to thrive in a competitive and often
"The upgrade reflects our view of Broward Health's strengthened enterprise profile, coupled with the continued trend of solid financial performance and improved balance-sheet metrics which are based on volume growth, operational efficiencies and meaningful tax support," S&P Global Ratings Credit Analyst Stephen Infranco said in the upgrade notice on April 11.
"The stable outlook reflects our expectation that Broward Health will continue to generate solid operating margins given its position as an essential health care provider in Broward County, unused tax millage capacity which provides flexibility, and ongoing implementation of operational efficiencies and strategic initiatives," Infranco said. He said the outlook also was based on Broward Health's strong balance sheet and very favorable debt profile.
Broward Health said it had $300 million in bond debt outstanding as of Dec. 31, 2024, in a posting to the EMMA web site. It had liabilities of $940 million and assets of $2.6 billion.
Broward Health is headquartered in Fort Lauderdale, Florida, and is one of the 10 largest public healthcare systems in the United States.
Broward Health's bonds are
