|FOR IMMEDIATE RELEASE
July 24, 2007
HHC Bond Ratings Upgraded by the Three Top Rating Services
New York City – The New York City Health and Hospitals Corporation (HHC) today announced that it has received upgrades of its bond ratings from three of the nation’s top bond raters.
Standard & Poor’s Rating Services raised its rating on HHC’s bonds from A- to A. Fitch Ratings upgraded HHC’s ratings from a BBB+ to A-, and said HHC’s Rating Outlook was “Positive.” Moody’s Investor Services upgraded its rating of HHC from A2/Stable to A1/Stable. The new ratings followed the upgrading of New York City’s bond ratings.
The agencies said that it factored into its ratings the essential role HHC plays in providing care to medically undeserved areas in NYC, especially the City's Medicaid and indigent population, as well as HHC's solid management practices related to expense control, quality and patient safety.
“The upgrade by the rating agencies are a clear recognition of the essential role played by HHC in the City's health care infrastructure, as well as the Corporation's improved financial outlook resulting from the increased City share of supplemental Medicaid payments retained by HHC,” according to Marlene Zurack, HHC Senior Vice President of finance. She said that the positive ratings will help HHC pay for cutting-edge medical equipment in its facilities and should enable HHC to obtain savings and future borrowings.
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The New York City Health and Hospitals Corporation (HHC), the largest municipal hospital and health care system in the country, is a $5.4 billion public benefit corporation that serves 1.3 million New Yorkers and nearly 400,000 who are uninsured. HHC provides medical, mental health and substance abuse services through its 11 acute care hospitals, four skilled nursing facilities, six large diagnostic and treatment centers and more than 80 community based clinics. For more information about HHC, visit nyc.gov/hhc.