Such ratings are the highest in the U.S. nonprofit healthcare sector, the report said. Intermountain Health also had an “AA” rating assigned on 2019 bonds, and the outlook for all such debt is stable.
Intermountain Health continues to enjoy strong market share in the seven western states it operates in. Robust earnings throughout the pandemic and the system’s “modest leverage” also boost its standing, S&P said.
While there have been weaker margins and metrics in recent years, cost-cutting measures and strong future growth arising from the 2022 merger with Broomfield, Colo.-based SCL Health will help the system going forward as it continues to deal with high labor costs, according to the research note.
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