S&P assigns 'BBB-' to Orange Regional Medical Center

S&P Global Ratings assigned its "BBB-" rating to Middletown, N.Y.-based Orange Regional Medical Center's series 2015 and 2017 bonds. Orange Regional Medical Center is a subsidiary of Greater Hudson Valley Health System, also in Middletown.

"We assessed GHVHS' enterprise profile as strong characterized by solid market share, adequate--although potentially improving--demographics due to significant economic development underway in the region, and attractive campus at the flagship, ORMC, with its new hospital and medical office building requiring limited future capital needs. Offsetting factors include significant physician competition and reliance on Medicaid and special funding sources," said Cynthia Keller, an S&P Global Ratings credit analyst.

The outlook is stable, reflecting S&P's expectation that GHVHS will maintain its dominant market position to generate additional debt service coverage and improve balance sheet metrics. 

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