S&P Global Ratings has raised the long-term and underlying rating on Stuart, Fla.-based Martin Memorial Medical Center's debt to "A-" from "BBB+."
MMMC operates three facilities: Stuart-based Martin Medical Center, South Martin, Fla.-based Martin Hospital South and Port St.Lucie, Fla.-based Tradition Medical Center.
"The higher rating reflects further clarification around expansion plans at the Tradition Medical Center campus. The upgrade also reflects the continuation of positive operations and solid cash flow, combined with very strong demographic trends in the hospital's service area with MMMC capturing a leading and growing 50 percent of the primary service area," said S&P analyst Margaret McNamara.
The outlook is stable, reflecting S&P's opinion that MMMC's financial performance will remain solid.