New Jersey system gets historic 'A+' credit rating

Camden, N.J.-based Cooper University Health Care has earned an "A+" credit rating from Fitch Ratings after receiving two credit upgrades from S&P Global and Moody's since 2022. 

Fitch's latest rating represents a double, or two-level, upgrade over the Cooper's 2022 rating. It is the highest rating in Cooper's 137-year history. 

The rating reflects the health system's strong liquidity position, which has almost doubled over the last five years due to solid operating performance. Fitch expects Cooper to continue to generate strong ongoing cash flow despite a projected spike in capital expenditures over the next five years. 

"This "A+" rating marks a remarkable turnaround for Cooper University Health Care from near bankruptcy at the turn of the century to today's strong financial position," George Norcross III, chair of Cooper's board of trustees, said in a Feb. 15 news release. 

Cooper's market presence and clinical growth is supported by years of successful physician recruitment efforts, which Fitch believes, along with additional growth initiatives in its primary and secondary service areas, will continue to support strong volume growth, which exceeded pre-pandemic levels in 2022 and 2023.

"Fitch's rating is another indicator that our focus on becoming an exceptional academic health system by managing our finances in a way that allows us to continue to grow to meet increasing demand from patients seeking the higher level of care our experts provide is the correct strategy," Cooper co-CEO Anthony Mazzarelli said. 

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