The affirmation of the rating was supported by a number of factors, including MartinMemorialMedicalCenter’s successful opening of Traditional Medical Center in Port St. Lucie, Fla., in December 2013 resulting in strong market share growth in its secondary service area. The rating was also supported by Martin Memorial Medical Center’s distinctly leading market share.
Martin Memorial Medical Center faces some challenges, which were considered for the rating affirmation, such as a high Medicare patient population and some competition in St. Lucie County, as well as its high debt load. However, Moody’s said given the success of Traditional Medical Center, the improved operating performance and growth in absolute liquidity, the debt load “remains manageable at the ‘Baa1’ rating level.”
Moody’s also maintained Martin Memorial Medical Center’s stable outlook.
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