Moody's Investors Service affirmed its "Baa1" rating on Stuart, Fla.-based Martin Memorial Medical Center's outstanding bonds, affecting approximately $260 million of debt.
The affirmation is a result of several factors, including the medical center's good financial momentum, patient volume growth and expanding bed capacity. Moody's also acknowledged Martin Memorial's elevated debt burden, modest debt coverage and constrained operating forecast for fiscal year 2018 as a result of increased expenses from an expansion project.
The outlook is stable, reflecting Moody's expectation that the medical center's financial trends, debt service coverage and balance sheet metrics will improve over time.