Fort Myers, Fla.-based Lee Health’s credit rating was upgraded to “A1” from “A2” by Moody’s.
The upgrade reflects Lee Health’s successful conversion from a public entity to a private, nonprofit health system, Moody’s said in its Jan. 30 report. The transition took effect on Nov. 1, 2024, and allowed the system greater flexibility, regional growth and long-term sustainability.
Moody’s also noted in its report that Lee Health’s strategic investments in specialist service lines and physicians will drive strong demand and increase revenue, particularly due to robust population growth and a market share of over 80% in its primary service area.
Lee Health’s capital spending will be elevated over the next several years as it constructs a replacement hospital and new medical office building, but Moody’s said the system’s consistently strong operating performance and strong liquidity “will allow for a temporary swell in debt to be absorbed.”
The system has a stable outlook at its new rating.
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