The move upward from “A+” refers to both the health system’s Issuer Default Rating and approximately $340 million in bonds it owns. Orlando Health competes locally in Central Florida with Nashville, Tenn.-based HCA Healthcare and Altamonte Springs, Fla.-based AdventHealth.
“The one-notch upgrade to ‘AA-‘/Stable reflects the continued strength of OHI’s operating performance, growth in unrestricted liquidity, and excellent market position in a demographically favorable market,” Fitch said.
Orlando Health was able to shrug off most of the challenges posed by the various COVID-19 waves, carrying out elective surgeries largely unaffected, Fitch said. The healthcare system has also made “great strides” in reducing labor costs.
The system includes 11 wholly owned hospitals with 3,200 beds. It is one of eight statutory teaching hospitals in Florida.
Orlando Health earlier this month said it had hired Amy Wheeler as the CFO of Dr. P. Phillips Hospital as well as naming her assistant vice president for the system’s southeastern region.
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.