The revision reflects improvements to Care New England’s credit profile since Fitch assigned a negative outlook in 2022, the ratings agency said in a May 8 report.
Fitch said a new CEO and CFO started in December 2022 and February 2023, respectively, and other changes were made at the senior management level. The new team initiated a series of action plans that improved operating performance.
Fitch also affirmed the system’s “BB-” rating. It said that Care New England’s unrestricted liquidity, while stabilized, “remains challenged, particularly given the system’s elevated average age of plant and upcoming capital needs, which is reflective of the ‘BB-‘ rating.”
“Fitch believes that management has taken a sustainable approach to operational improvement, which in combination with top line drivers, revenue growth and cost savings should contribute to continued modest operating profitability,” it said in the report.
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
