FOR IMMEDIATE RELEASE
February 19, 2015
HHC Bonds Receive Top Rating from Fitch
(New York, NY – February 19, 2015) The global credit rating agency Fitch Ratings has affirmed A+ ratings for $833.3 million of outstanding bonds issued by the New York City Health and Hospitals Corporation (HHC), with a “stable” rating outlook.
Fitch explained that the high ratings are linked to HHC's strong support from New York City and its essential role as the primary safety net provider to the City's Medicaid and indigent population.
"These ratings are confirmation of HHC's essentiality to the City of New York and HHC's well-developed program to transform to meet the challenges of health care reform," said Marlene Zurack, HHC Senior Vice President and Chief Financial Officer.
Citing HHC's management team as one of the organization's strengths, Fitch said, “[HHC] has a seasoned management team that continues to produce a relatively stable financial performance, in spite of the operating challenges, works to maintain productive relationships with key stakeholders, including NYC officials, and has been able to make capital improvements at more than half the system's hospitals.”
“[HHC] management continues to find ways to reduce costs and create system efficiencies,” Fitch said.