Fitch Ratings recently announced an upgrade to the revenue bonds for Heritage Valley Health System to ‘AA-‘ from ‘A+’ and also assigned an ‘AA-‘ Issuer Default Rating (IDR).
According to Fitch Ratings, the IDR assignment and upgrade are based on Heritage Valley’s strong financial profile and low leverage position and the application of Fitch’s recently published “Rating Criteria for U.S. Not-for-Profit Hospitals and Health Systems” dated Jan. 9, 2018. The rating outlook for Heritage Valley Health System remains Stable.
“The recent upgrade from Fitch Ratings is evidence that Heritage Valley Health System is operating in a sustainable, efficient and effective manner,” said Norm Mitry, president and CEO of Heritage Valley Health System. “The healthcare industry remains ever-changing and ever-challenging. Our board of directors continues to lead the Health System with a strong commitment to fiscal responsibility and dedication to expand access and provide high-quality health care in the communities we serve.”
“We, as an organization, are extremely pleased with the Fitch Rating action which affirms our commitment to provide high-quality health care, reinvest capital in needed services and equipment, maintain cost control and at the same time, preserve the strength of the balance sheet”, said Bryan Randall, Vice President and Chief Financial Officer for Heritage Valley Health System.
About Heritage Valley Health System
Heritage Valley Health System is a $480 million integrated delivery network providing comprehensive health care for residents of Allegheny, Beaver, Butler and Lawrence counties, in Pennsylvania; eastern Ohio; and the panhandle of West Virginia. In partnership with 3,500 employees and more than 480 physicians, Heritage Valley offers a broad range of medical, surgical and diagnostic services at its two hospitals, Heritage Valley Sewickley and Heritage Valley Beaver; in 60 physician offices; and 18 community satellite facilities. For more information about Heritage Valley Health System, please visit www.heritagevalley.org.