Miami-based Baptist Health South Florida, a 12-hospital system, has had its rating on various bonds affirmed at "AA-" as it enjoys a growing market share and a healthy financial profile, S&P Global said March 10.
While there was some financial compression in fiscal 2022, S&P said, as well as operational challenges at the system's Bethesda Hospital complex, initiatives are in place to boost likely improved performance in the remainder of 2023. The outlook is stable.
Days of cash on hand is in the 350 to 400 day range and, despite some sizable planned capital spending to exploit favorable demographic changes, Baptist Health South Florida is well placed to emerge with an increasingly healthy financial profile in the relative short-term.
"Future decisions on the pace of capital spending, financing needs, and management's ability to improve earnings and retain balance sheet strength will all be key rating factors during the two-year outlook period," S&P said in the research note.
Jared Smith was named CEO of the Boynton Beach-based Bethesda Hospital East and Bethesda Hospital West locations Jan. 26.