Cooper University Health Care’s credit rating from Moody’s Investors Service was upgraded today to A3, its highest rating ever. This follows Cooper’s recent upgrade to “A-“ from S&P Global Ratings (S&P) in November.
“This upgrade speaks to the remarkable turnaround Cooper University Health Care has made from near bankruptcy at the turn of the century to today’s strong financial position,” said George E. Norcross III, Chairman of the Board of Trustees of Cooper University Health Care. “This achievement is a testament to the commitment of the thousands of Cooper team members who work, day and night, to provide the best health care to our patients.”
Moody’s said the “upgrade to A3 reflects our expectation that operating margins will be maintained at current levels and allow for maintenance of good liquidity metrics even in light of increasing capital spend.”
“Cooper has grown into an elite, nationally recognized academic health system with patients from all 50 state and more than 35 countries. Today’s credit rating upgrade is validation of Cooper’s financial strength, our prudent growth strategies, and the tremendous work by our dedicated team members who tirelessly serve our patients, their families, and each other to produce our current and future success,” said Kevin O’Dowd, JD, co-CEO of Cooper University Health Care.
Moody’s upgrade also noted, “We expect Cooper will continue to be a leading provider of tertiary and quaternary services for the southern New Jersey market. The system’s strong brand equity will be further broadened through key partnerships such as Cooper’s cancer care agreement with nationally recognized MD Anderson, growth of its ambulatory footprint and its role as the primary teaching site for Cooper Medical School of Rowan University.”
“This credit rating upgrade confirms our strategy to focus on becoming an exceptional academic health system and managing our finances in a way that allows us to continue to grow to meet increasing demand from patients seeking the higher level of care our experts provide,” said Anthony Mazzarelli, MD, JD, MBE, co-CEO of Cooper University Health Care.