Moody's Investors Service has affirmed the "Baa2" bond rating on $109.3 million of Teaneck, N.J.-based Holy Name Medical Center's outstanding debt and affirmed the hospital's stable outlook.
The rating affirmation was supported by a number of factors, including Holy Name's improved financial performance and consistent market position, with a 23 percent market share. As of 2013 fiscal year end, the medical center had increased its unrestricted cash and investments to $96 million.
The rating affirmation was also supported by the health system's low turnover and vacancy rates due to its non-unionized labor force and a nursing school
at the hospital.
The health system also faces some challenges, which were considered for the rating affirmation, such as its declining operating performance, location in a highly crowded and competitive region and heavy reliance on Medicare.
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