Manchester, N.H.-based Elliot Health System received a credit rating upgrade from S&P Global Ratings as the organization prepares for its planned separation from SolutionHealth.
S&P raised Elliot Health’s bond rating to “A” from “A-” on Oct. 2, according to a news release from the health system. The upgrade comes less than a year after Moody’s Ratings upgraded Elliot Health to “A2.”
Elliot Health, which includes a 296-bed hospital and several urgent care and outpatient facilities, said the S&P upgrade reflects its sustained operating performance and financial discipline in a competitive New England healthcare market.
“In today’s competitive healthcare environment, a credit rating is an integral measure of an organization’s strength,” CFO Michael Turilli said. “This significant financial achievement for our health system supports the health system’s reputation and strategic position across New Hampshire, as well as our ability to consistently execute.”
The upgrade comes as Elliot Health moves toward a planned disaffiliation from SolutionHealth, which launched in 2018 after Elliot Health and Nashua-based Southern New Hampshire Health merged. The unwinding of the transaction has been directed by both organizations’ respective boards.
President and CEO Greg Baxter, MD, said the rating underscores Elliot Health’s financial position as it prepares to operate independently and continue investing in access and clinical growth.
“This accomplishment emphasizes our consistent positive operating performance in a competitive New England and New Hampshire market. Pending the disaffiliation from SolutionHealth as directed by our respective boards, it underscores our focus on our strategic investments as Elliot Health System to integrate more accessible options for all we serve and enhance our mission going forward,” Elliot Health President and CEO Greg Baxter, MD, said. “It acknowledges the increased strength of our brand across our service regions to better meet the needs of our New Hampshire-based populations and beyond in a constantly changing healthcare industry.”
Elliot Health has been expanding several service lines to meet patient demand, including cardiovascular and open-heart surgery, maternal care supported by a Level III NICU, orthopedics, urology and urogynecology. The system is also expanding capacity for ambulatory surgery and complex hospital-based cardiovascular care.
The health system said the upgrade strengthens its position as it continues making strategic investments ahead of the separation.
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