Hurricane Sandy pummeled NYU Langone Medical Center and other hospitals in New York City and along the East Coast in late October with high winds and flooding, and the financial repercussions still have not fully materialized.
Moody's Investors Service released a report yesterday, saying it has placed NYU Langone's "A3" credit rating under review for a possible downgrade due to the damage and interruption from Hurricane Sandy.
Tisch Hospital, the 705-bed flagship hospital of NYU Langone, is still closed due to a loss of electricity and steam. In total, facilities that generate 40 percent of the academic medical center's net revenue still have not reopened, and it's not clear when Tisch Hospital and other facilities will completely reopen.
Moody's analysts expect insurance, reimbursement from the Federal Emergency Management Agency and philanthropy measures to cover most of NYU Langone's disaster costs, although the "timing of the receipt of these funds is uncertain," according to its report.
Moody's Investors Service released a report yesterday, saying it has placed NYU Langone's "A3" credit rating under review for a possible downgrade due to the damage and interruption from Hurricane Sandy.
Tisch Hospital, the 705-bed flagship hospital of NYU Langone, is still closed due to a loss of electricity and steam. In total, facilities that generate 40 percent of the academic medical center's net revenue still have not reopened, and it's not clear when Tisch Hospital and other facilities will completely reopen.
Moody's analysts expect insurance, reimbursement from the Federal Emergency Management Agency and philanthropy measures to cover most of NYU Langone's disaster costs, although the "timing of the receipt of these funds is uncertain," according to its report.
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