Long Island Community Hospital in Patchogue, N.Y., an affiliate of the NYU Langone system, has been upgraded amid extensive investment and a $100 million capital commitment from its parent company.
The rating increased to "A" from "A-" on a series of bonds with a stable outlook. At the same time, S&P Global said March 31 it is affirming "A+" ratings on the NYU Langone system.
While NYU Langone is expected to potentially improve on its already sound operating income in 2023, the Long Island Community Hospital's financial data is "much weaker," according to S&P Global. The hospital will benefit greatly from NYU Langone's commitment.
"NYULH's leadership team has a successful track record of performance improvement at acquired facilities and is heavily involved in the operational turnaround at LICH that is focused on adopting NYULH's operating procedures and IT systems, recruiting physicians, and expanding access in the region through additional ambulatory sites," the research note said.
The Long Island Community Hospital operates 306 licensed beds. NYU Langone has over 320 clinical sites in the New York City region in addition to its six hospitals.