S&P Global Ratings raised Cooper University Health Care's credit rating from "BBB+" to "A-", the highest rating in the Camden, N.J.-based system's 135-year history, roj-nj.com reported Nov. 28.
The rating is for bonds issued by Camden County Improvement Authority. S&P praised Cooper for its focus on cost containment, revenue improvement, expanding market share and developing key services to gain more tertiary referrals and limit outpatient migration to Philadelphia academic medical centers, according to the report.
"Today's credit rating upgrade is validation of Cooper's financial strength, our prudent growth strategies and the tremendous work by our dedicated team members who tirelessly serve our patients, their families and each other to produce our current and future success," co-CEO Kevin O'Dowd said.
Cooper is expected to begin construction on a $2 billion expansion of its Camden, N.J., campus in 2023.