Move represents fifth upgrade in last five years
BOCA RATON, FL – December 18, 2018 – Officials at Boca Raton
Regional Hospital today announced that Fitch Ratings has upgraded the
rating of Boca Raton Regional Hospital bonds from BBB+ to A-. The Rating
Outlook also improved from Stable to Positive.
In 2008, when Boca Regional was facing daunting financial challenges, its
bonds had been rated BBB- with a Negative Outlook by Fitch. Mirroring
its financial turnaround, the Hospital has seen steady improvement with
successive improved ratings from BBB-, to BBB, to BBB+ and now culminating
with its most recent A- Positive Outlook.
“Moving through the various BBB ratings these past five years to
an A rating is a real milestone in the continuing renaissance of our Hospital,”
said Jerry Fedele, President and CEO of Boca Raton Regional Hospital.
“It is indicative of the vitality we are experiencing not only from
a financial perspective, but across all elements of our enterprise.”
In issuing its rating, Fitch cited a number of positive factors behind
its analysis. Included, among others, were the Hospital’s operating
performance, leading inpatient market share, continued strength of philanthropic
support, and investment in programs and physicians.
“It is important to note that this upgrade is not dependent on our
pending relationship with Baptist, but rather on Boca Regional as a stand-alone
entity,” commented Fedele. “It is strong testimony to the
focus and diligence our management team, physicians, nurses, staff and
volunteers have had on meeting remarkable challenges head-on and creating
what is now one of the premier hospitals in our region…from any
Fedele added, “That said, our partnership with Baptist can only serve
to elevate and accelerate our position as a preeminent academic tertiary
referral center in South Florida and foster even greater prominence for
Boca Raton Regional Hospital.”
About Boca Raton Regional Hospital – Advancing the boundaries of
medicine. Boca Raton Regional Hospital is an advanced, tertiary medical
center (BRRH.com) with 400 beds, 2,800 employees and more than 800 primary
and specialty physicians on staff. The Hospital is a recognized leader
in Oncology, Cardiovascular Disease and Surgery, Minimally Invasive Surgery,
Orthopedics, Women’s Health, Emergency Medicine and the Neurosciences,
all of which offer state-of-the-art diagnostic and imaging capabilities.
The Hospital is a designated Comprehensive Stroke Center by the Florida
Agency for Health Care Administration (AHCA). BRRH is recognized in U.S.
News & World Report’s 2018 – 2019 Best Hospitals listing
as a Top Ranked Regional Hospital,
Thomas Chakurda, 561.955.3586
Vice President, Communications