S&P Global Ratings upgraded Cooper University Health Care's credit rating for bonds issued by Camden (N.J.) County Improvement Authority to an "A" with a positive outlook.
This is the second-straight year that S&P has increased Cooper's credit rating and follows an "A+" rating from Fitch earlier this month.
S&P attributed the upgrade to Cooper's "sustained trend of healthy operations despite elevated labor costs and inflationary pressures" and noted that health system leaders remain focused on improving financials through revenue growth and cost containment, accountability and group purchasing programs.
The rating agency also said that Cooper continues to increase its market share and has prioritized the expansion of key services to gain more tertiary referrals and limit outpatient migration to Philadelphia academic medical centers.
"Our teams have successfully focused on becoming an exceptional academic health system and managing our finances to allow us to grow to meet increasing demand from patients," Anthony Mazzarelli, MD, co-CEO of Cooper, said in a Feb. 28 news release. "This increased credit rating demonstrates we are on the right track."