Cooper University Health Care’s credit rating for bonds issued by Camden County Improvement Authority was upgraded by S&P Global Ratings (S&P) to an “A“ with a positive outlook. This is the second-straight year S&P has increased Cooper’s credit rating. This follows an A+ credit rating from Fitch Ratings earlier in the month.
“S&P’s upgrade for a second year in a row is yet another validation of our thoughtful growth strategies and speaks to a remarkable turnaround for Cooper that was near bankruptcy at the turn of the century and is now a leading academic health system,” said George E. Norcross, III, Chairman of the Board of Trustees of Cooper University Health Care. “Thousands of Cooper team members who work, day and night, to provide the best health care to our patients are responsible for this achievement.”
S&P cited “Cooper’s sustained trend of healthy operations despite elevated labor costs and inflationary pressures” while noting that “management has remained focused on improving financials through cost containment and revenue enhancement, accountability, and group purchasing programs.”
“Cooper team members have worked diligently to grow Cooper into an elite, nationally recognized academic health system with patients from all 50 state and more than 35 countries. For a second straight year, S&P has validated our prudent growth strategies and the success of our dedicated team members who tirelessly serve our patients, their families, and each other,” said Kevin O’Dowd, JD, co-CEO of Cooper University Health Care.
S&P also noted that Cooper “management has remained focused on increasing market share and has prioritized developing, enhancing, and promoting its key services to gain more tertiary referrals and limit outmigration to the Philadelphia academic medical centers.”
“Our teams have successfully focused on becoming an exceptional academic health system and managing our finances to allow us to grow to meet increasing demand from patients and this increased credit rating demonstrates we are on the right track,” said Anthony Mazzarelli, MD, JD, MBE, co-CEO of Cooper University Health Care.
About Cooper University Health Care
Cooper University Health Care, with its MD Anderson Cancer Center at Cooper and affiliation with Cooper Medical School of Rowan University, is a leading academic health system. Cooper has more than 10,000 team members including nearly 1,600 nurses, more than 950 employed physicians, and more than 550 advanced practice providers. Cooper University Hospital has been recognized as a top-performing regional hospital by U.S. News & World Report’s 2023-2024 Best Hospitals annual survey.
Cooper has revenues of more than $2 billion and, along with its new upgraded “A” rating from S&P, recently received an A+ credit rating from Fitch Ratings. Cooper University Hospital is the only Level 1 Trauma Center in South Jersey and the busiest in the region. More than two million patients are served annually at Cooper’s 663-bed flagship hospital, outpatient surgery center, three urgent care centers, and more than 100 ambulatory offices throughout the community. Cooper has been named as one of America’s Best Employers by Forbes for three consecutive years.
The Cooper Health Sciences campus in Camden, New Jersey, is home to Cooper University Hospital, MD Anderson Cancer Center at Cooper, Children’s Regional Hospital at Cooper, and Cooper Medical School of Rowan University. Visit CooperHealth.org to learn more.
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