Moody's Investors Service has upgraded Elizabeth, N.J.-based Trinitas Regional Medical Center's bond rating to "Baa2" from "Baa3," affecting $124.6 million of debt.
The rating upgrade was supported by a number of factors, including Trinitas Regional's improved operating performance over the last several years. The medical center reported favorable financial performance through nine months of fiscal 2014, with operating income of $2.5 million and operating cash flow of $17.7 million, according to Moody's.
Trinitas Regional also faces some challenges, which were considered for the rating upgrade, such as having a heavy reliance on state subsidies to fund charity care, relief and mental health.
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