News

FOR IMMEDIATE RELEASE
February 19, 2015 

HHC Bonds Receive Top Rating from Fitch

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.

 

Contact: Ian Michaels, (212) 788-3339

About HHC

The New York City Health and Hospitals Corporation (HHC) is a $6.7 billion integrated healthcare delivery system, the largest municipal healthcare organization in the country, and one of the New York area's largest providers of government-sponsored health insurance, MetroPlus Health Plan, the plan of choice for nearly half a million New Yorkers. HHC serves 1.4 million New Yorkers every year and more than 475,000 are uninsured. HHC provides medical, mental health and substance abuse services through its 11 acute care hospitals, five skilled nursing facilities, six large diagnostic and treatment centers and more than 70 community based clinics. HHC Health and Home Care also provides in-home services for New Yorkers. HHC was the 2008 recipient of the National Quality Forum and The Joint Commission's John M. Eisenberg Award for Innovation in Patient Safety and Quality. For more information, visit www.nyc.gov/hhc or find us on facebook.com/nycHHC or twitter.com/HHCnyc.