Fitch Ratings Reaffirms Hackensack University Medical Center's A- Credit Rating with a Stable Outlook
HACKENSACK, N.J., Oct. 4, 2012 /PRNewswire-USNewswire/ -- Hackensack University Medical Center is proud to announce that Fitch Ratings, one of the world's leading global rating agencies, has reaffirmed its revenue bond rating as an "A-," with a "Stable" ranking in its Rating Outlook.
"We are extremely proud to receive this positive rating from Fitch, one of the most well-respected ratings agencies," said Robert C. Garrett, president and chief executive officer of Hackensack University Health Network. "We continuously strive to become one of the nation's premier medical, research and academic facilities, and our network expansion, clinical affiliations and partnerships have put us in an optimal position for growth – which was reflected in this recent rating."
The A- rating is used to signal the financial stability, strong operating performance, and positive economic future of the medical center to the nation's financial markets, investors, and area consumers. Fitch Ratings provides an assessment on the ability of an entity to meet its financial commitments, providing the world's credit markets with accurate, timely, and prospective credit opinions.
HackensackUMC received this rating based upon its: nationally-recognized reputation of clinical quality; Hackensack University Health Network's regional expansion through affiliations; campus facility investments; joint venture partnership with LHP Hospital Group for HackensackUMC at Pascack Valley and HackensackUMC Mountainside; and the success of both the John Theurer Cancer Center and the Heart & Vascular Hospital. All of these partnerships, affiliations or acquisitions have or will increase HackensackUMC's patient referral base, signifying future growth for the medical center.
"We are pleased to receive this 'A-' rating," said Robert L. Glenning, executive vice president and chief financial officer of HackensackUMC. "We have worked hard to secure the financial health of this medical center through innovative affiliations, partnerships and acquisitions, and as a result, we have secured a positive financial outlook."
About Hackensack University Medical Center
HackensackUMC, a non-profit teaching and research hospital located in Bergen County, New Jersey, is the largest provider of inpatient and outpatient services in the state, and home to the only Level II Trauma Center in the county. This 775-bed facility has gone beyond traditional thinking by creating an entire campus of care, including: the Heart & Vascular Hospital, the John Theurer Cancer Center, the Joseph M. Sanzari Children's Hospital, and the Donna A. Sanzari Women's Hospital. As a result of using science and creativity to push medicine further, HackensackUMC was listed as the number one hospital in New Jersey and one of the top four New York metro area hospitals by the U.S. News & World Report, and has received nine national rankings in: Cancer; Cardiology & Heart Surgery; Ear, Nose & Throat; Gastroenterology; Geriatrics; Neurology & Neurosurgery; Orthopedics; Urology; and the Joseph M. Sanzari Children's Hospital ranked as one of the Top 25 Best Children's Hospitals for neurology and neurosurgery in the 2012-13 Best Children's Hospitals list. The medical center has also been named one of the Thomson Reuters 100 Top Hospitals® and one of America's 50 Best Hospitals by HealthGrades®. It is listed among the Leapfrog Top Hospitals List, received 17 Gold Seals of Approval™ by the Joint Commission, and is listed as one of the 50 Best Hospitals in America by Becker's Hospital Review. It was the first hospital in New Jersey and second in the nation to become a Magnet® recognized hospital for nursing excellence. The medical center is the hometown hospital of the New York Giants, and remains committed to its community through fundraising and community events. To learn more about one of the nation's 50 best hospitals, visit: www.HackensackUMC.org.
SOURCE Hackensack University Medical Center