DETROIT, April 8, 2019 /PRNewswire/ -- In conjunction with Henry Ford Health System's April bond offering, Moody's Investors Service upgraded Henry Ford Health System's bond rating to A2 with stable outlook, expecting the health system to continue producing increasingly stronger margins and cash flow in the coming year.
Among the main reasons Moody's cited for its upgrade are the system's strong brand and long history of serving the community of southeast Michigan, more than three decades of experience in operating a health plan, and a demonstrated durability of financial improvement performance.
"This upgrade is a true testament to the momentum we have achieved through the deployment of our new strategic plan for the future," said Wright L. Lassiter, III, President and CEO, Henry Ford Health System. "We have implemented major initiatives to expand our ambulatory footprint and digital capabilities. At the same time, we have taken significant steps to reduce cost and better integrate the care and coverage we provide to our communities throughout Michigan."
Robin Damschroder, Executive Vice President and Chief Financial Officer for Henry Ford Health System, said the Moody's upgrade is particularly gratifying. "We executed on a plan to improve our operations steadily over the last few years and we delivered on that plan. What makes this even more remarkable is that we did it while making meaningful capital investments to help expand services to our patients and members. That's a strong indicator that we are well positioned to grow along with our community."
Also this week, Standard & Poor's reaffirmed Henry Ford's 'A' bond rating, citing the health system's "solid business position" in the market. With five acute care hospitals, two behavioral health hospitals, more than 60 ambulatory and outpatient facilities, a large medical group and broad physician network, and a sizeable health insurance business, Henry Ford is the only integrated delivery system in southeast Michigan.
SOURCE Henry Ford Health System