Cooper\u2019s credit rating for bonds issued by Camden County Improvement Authority was upgraded by S&P Global Ratings to an \u201cA-\u201d from \u201cBBB+.\u201d Cooper\u2019s new credit rating is the highest it has been in its 135-year history.<\/p>\n
\u201cThis upgrade speaks to the remarkable turnaround Cooper University Health Care has made from near bankruptcy at the turn of the century to today\u2019s strong financial position,\u201d said George E. Norcross III, Chairman of the Board of Trustees of Cooper University Health Care. \u201cThis 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.\u201d<\/p>\n
S&P cited Cooper management\u2019s focus \u201con cost containment and revenue enhancement.\u201d S&P also noted MD Anderson Cancer Center at Cooper has \u201cboosted oncology services since 2013.\u201d<\/p>\n
\u201cCooper has grown into an elite, nationally recognized academic health system with patients from all 50 states and more than 35 countries. Our credit rating upgrade is validation of Cooper\u2019s 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,\u201d said Kevin O\u2019Dowd, co-CEO of Cooper University Health Care.<\/p>\n
S&P also noted that Cooper \u201chas remained focused on increasing market share\u201d and \u201cdeveloping, enhancing, and promoting its key services to gain more tertiary referrals\u201d to \u201climit outmigration to the Philadelphia academic medical centers.\u201d Additionally, S&P noted that Cooper continues benefit from its \u201cphysician recruitment; rising tertiary transfers from community hospitals \u2026 and ambulatory expansion in the suburbs.\u201d<\/p>\n
\u201cThis 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,\u201d said Anthony Mazzarelli, co-CEO of Cooper University Health Care.<\/p>\n","protected":false},"excerpt":{"rendered":"