Moody's assigns Mount Sinai Medical Center 'Baa1' rating, outlook stable

Moody's Investors Service has assigned a "Baa1" long-term rating to Miami Beach, Fla.-based Mount Sinai Medical Center's $165.62 million of series 2014 fixed rate revenue and refunding bonds to be issued through Miami Beach Health Facilities Authority.

The rating assignment reflects MSMC's strengthened balance sheet measures, increased volume capture and improved operating profits. The hospital's operating cash flow increased to over $50 million in each of the last four years. MSMC's operating cash flow margins ranged between 9.6 percent and 11.9 percent from 2010 to 2012.

The stable rating outlook reflects the expectation that MSMC will meet its fiscal year 2014 forecast, maintain current levels of unrestricted investments and issue no incremental debt above the current financing.

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