Moody's Investors service has affirmed "Baa1" long-term ratings for Miami-based Mount Sinai Medical Center's bonds, in conjunction with the hospital's plan to up the par size on their planned issuance of revenue and refunding bonds from $165.62 million to $176.27 million.
Moody's also affirmed a stable rating outlook for MSMC. The rating affirmation reflects the hospital's improved financial performance in recent years. Operating cash flow increased to more than $50 million in each of the last four fiscal years. Additionally, MSMC increased its cash position to more than $281 million, or 228 days, as of Dec. 31.
Furthermore, MSMC has generally strong demand and a solidly growing footprint, and its multi-year strategy with well-executed operational initiatives has positioned the organization for continuing growth, according to Moody's.
More articles on hospital finance:
Fitch affirms "A+" Gunderson Lutheran bond rating
SCL Health's operating margin falls to 2.4%
Moody's affirms Saint Mary's Hospital's 'Ba2' rating