Fort Lauderdale, Fla.-based Broward Health’s credit rating was upgraded to “A2” from “A3” by Moody’s, and the system retains its positive outlook at its new rating.
The upgrade reflects the system’s strong financial performance and sustained improvement in its credit metrics, Moody’s said in its May 4 report.
Broward’s A2 rating is supported by its role as a safety-net and indigent care provider, which is reflected in public support from a property tax levy, Moody’s said. Consistent financial improvement is expected to be driven by management strategies to expand access points and diversify revenue, along with property tax revenue and state funding.
The positive outlook reflects Moody’s expectations that Broward will continue strengthening its financial performance through efforts to diversify operations and reduce reliance on government payers.
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