Fitch Ratings has assigned an "AA" rating to up to $750 million of series 2015 taxable bonds issued on behalf of the New York and Presbyterian Hospital.
The rating assignment was based on a number of factors, including NYP's large clinical footprint, solid market position and sizeable revenue base, according to Fitch. The rating assignment was also supported by the benefits of NYP being part of the larger non-obligated NYP Health System, as well as supporting organizations.
Fitch believes NYP and NYPHS are in a good position to handle the competitive New York healthcare market. However, "failure to sustain current levels of operational performance, liquidity and capital spending could result in downward rating pressure," according to Fitch.
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