Standard & Poor’s (S&P) Rating Service has reaffirmed Heritage Valley Health System’s A+ debt rating with a Stable outlook.
“The rating and outlook reflect the dedication that our medical staff and employees exhibit every day to ensure that we efficiently and effectively manage in the ever-changing and ever-challenging health care industry,” said Norm Mitry, president and CEO of Heritage Valley Health System. “The favorable feedback from S&P is the direct result of the board of directors’ commitment to fiscal responsibility as a means to ensure that our health system remains an asset to the communities we serve.”
According to Standard & Poor’s, the rating reflects its view of Heritage Valley Health System as having a sustained improvement in financial performance, very low debt load, stabilized unrestricted reserves and healthy operation liquidity, stable management team and solid position in suburban Pittsburgh.
S&P further expanded that the stable outlook for Heritage Valley Health System is a reflection of the anticipation that Heritage Valley Health System will maintain its balance sheet with low debt and good liquidity as well as the belief that Heritage Valley’s balance sheet and coverage provide some, but not unlimited, cushion against any unexpected operating pressure.
“At Heritage Valley, management, medical staff, and employees understand the organization’s commitment to fiscal responsibility,” said Bryan Randall, vice president and chief financial officer at Heritage Valley. “Managing our operations everyday with this in mind has made Heritage Valley a health system that continues to be recognized – locally and nationally – as a leader in the delivery of community health care.”
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.