CFO Michael Kittoe: Helping to Upgrade Lake Health's Credit Standing
For the past year, Michael Kittoe has led the financial direction of Lake Health, a two-hospital system based in Concord Township, Ohio, and his diligence as CFO has resulted in a higher bond rating.
Yesterday, Moody's Investors Service upgraded Lake Health's credit rating to A3 from Baa1, which affects roughly $73 million of the system's outstanding rated debt. Moody's analysts said Mr. Kittoe and the Lake Health executive team have put the health system in a favorable position, and its financials have been growing across the board.
As of May 31, 2012, Mr. Kittoe has helped Lake Health improve its liquidity to 196 days cash on hand. Moody's analysts also praised the health system's ability to grow revenue by 6 to 8 percent over the past several years, and Lake Health's strong operating cash flow margins averaged 12 percent in the past five years — and that factored in the construction of a replacement facility and rising charity care levels.
Before joining Lake Health in June 2011, Mr. Kittoe served as vice president and CFO of Delnor Hospital in Geneva, Ill., for more than 10 years. He spent more than 17 years at Delnor in various financial management roles. Mr. Kittoe also has a certificate for respiratory therapy from the University of Chicago.
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