Here are six health systems that had their credit rating upgraded by Fitch Ratings, Moody's Investors Service or S&P Global Ratings in 2023:
1. Cooper University Health Care's rating was raised from "Baa1" to "A3" by Moody's. The rating agency said it expects the Camden, N.J.-based system's operating margins will be maintained through execution of its performance improvement plan and strong growth in key service lines.
The system was also upgraded late last year from "BBB+" to "A-" by S&P.
2. El Camino Health's revenue bond rating was raised from "A1" to "Aa3" by Moody's. The rating agency said the Mountain View, Calif.-based system's upgrade reflects strong clinical offerings, favorable revenue growth and strong physician relationships, the agency said. The outlook at the new grade was revised to stable from positive.
Fitch also upgraded the health system's outlook from from stable to positive.
3. Long Island Community Hospital's rating was upgraded from "A-" to "A" by S&P. The rating agency said that the Patchogue, N.Y.-based affiliate of the NYU Langone system will benefit from its parent company's $100 million capital commitment.
4. Mercyhealth's credit rating was upgraded from "A-" to "A" by Fitch. The rating agency said the Rockford, Ill.-based system's operating profile is expected to remain strong in the longer term.
5. NYC Health + Hospitals's credit rating was raised from "A+" to "AA-" by Fitch. The New York City system is the largest municipal health system in the country, serving more than 1 million New Yorkers annually in more than 70 patient locations across the city, including 11 hospitals, and employs more than 43,000 people.
6. Orlando (Fla.) Health's rating was upgraded to "AA-" from "A+" by Fitch. The ratings agency said in a report the bump "reflects the continued strength of OHI's operating performance, growth in unrestricted liquidity and excellent market position in a demographically favorable market."