Moody’s Investor Service Upgrades Silver Cross Hospital’s Rating to A3
Silver Cross Hospital’s commitment to quality, continued growth and strong financial performance has yielded tangible returns in the financial markets as reflected in an upgraded rating from Moody’s Investors Service. Last week, Moody’s upgraded Silver Cross Hospital’s rating to A3 from Baa1; and the hospital’s outlook was revised to “stable” at the new higher rating.
The upgrade to A3 reflects Moody's view that Silver Cross Hospital’s consistently strong margins and liquidity over the last five years will continue to improve. The A3 rating also assumes that the hospital’s significant market share gains will result in revenue growth through the expansion of key service lines and clinical partnerships.
“Our upgraded Moody’s rating is a testament to the strength and resilience of our organization, especially as we’ve navigated the coronavirus pandemic,” explains Silver Cross Hospital President and Chief Executive Officer Ruth Colby. “It’s also a reflection of our steadfast commitment to quality, prudent management of our financial resources and focus on the future.”
In the last year alone, the hospital established an open-heart surgery program that has exceeded volume projections; began construction on a $22 million heart expansion scheduled to open in early 2021; expanded its primary care physician base; opened an on-site urgent care center; launched an occupational health program for area employers; and introduced virtual patient care visits through Silver Cross Care Connect.
At the same time, Silver Cross earned national recognition for quality, safety and patient ratings. In April, the 300-bed hospital earned its 11th Straight A for Patient Safety from the Leapfrog Group. Last month, Silver Cross was recognized as a 100 Top Hospital by IBM Watson Health for the 8th time; and earlier this week, Silver Cross was named a high-performing hospital for heart and lung care by U.S. News & World Report.
“While 2020 has been a challenging year for hospitals everywhere, I’m proud of our Silver Cross team for always putting safety first, delivering an unrivaled experience to our patients and continually finding new ways to serve the community,” Colby added.
For more information, visit www.moody’s.com
For more information about Silver Cross Hospital, visit www.silvercross.org