CaroMont Health maintains 'AA-' rating as capital projects intensify

Gastonia, N.C.-based CaroMont Health continues to enjoy a "AA-" rating on various bonds amid a healthy financial profile and robust market share in a competitive region, S&P Global said March 10.

Strong underlying operating performance is further boosted by the system's "high unrestricted reserves" and, while it faces regional competition from such systems as Charlotte, N.C.-based Atrium Health and Charlotte-based Novant Health, CaroMont fares well locally, the agency said.

Its market share could be further boosted by capital projects at its main Gastonia campus, where CaroMont is expected to complete a new critical care patient tower due to open in spring 2023, as well as its plans to open a new hospital and medical office building in nearby Belmont.

The system has a stable outlook.

"We expect the hospital will be able to maintain its balance sheet strength over the outlook period, given its history of solid operating performance," S&P's research note said.

CaroMont Health reported net income of $10.3 million for the six months ending Dec. 31.

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