Moody's Investors Service has upgraded Camden, N.J.-based Cooper Health System's rating from "Baa3" to "Baa2," and revised the health system's outlook to stable from positive.
The rating change affects $250 million of outstanding bonds issued through the Camden County Improvement Authority. The rating upgrade reflects Cooper's continued improved financial performance and growth in unrestricted cash and investments.
In 2013, Cooper had a 7.2 percent operating cash flow margin. Through the first six months of fiscal year 2014, Cooper had an 8.6 percent operating cash flow margin. The health system also continues to experience volume growth, with a 1 percent increase in inpatient admissions and a 17 percent increase in observation stays in fiscal year 2013.
The stable outlook at the higher rating level reflects the expectation that Cooper's financial performance will continue to improve.
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