Cooper University Health Care’s new credit rating is the highest in its 135-year history, the Camden-based health care provider announced Nov. 28.
According to Cooper UHC, its credit rating for bonds issued by the Camden County Improvement Authority was upgraded by S&P Global Ratings to an A- from BBB+.
“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 Norcross III, chairman of the Cooper UHC board of trustees.
Norcross credited the entire team for the upgrade.
According to the announcement, S&P cited several steps Cooper UHC has made to warrant the move, including:
- Management’s focus “on cost containment and revenue enhancement”;
- MD Anderson Cancer Center at Cooper has “boosted oncology services since 2003”;
- Cooper “has remained focused on increasing market share” and “developing, enhancing, and promoting its key services to gain more tertiary referrals” to “limit outmigration to the Philadelphia academic medical centers.”
Cooper UHC co-CEOs Kevin O’Dowd and Dr. Anthony Mazzarelli shared Norcross’ enthusiasm for the report.
“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 …” O’Dowd said.
Mazzarelli said the 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.”
More from Cooper
- Cooper Health agrees to pay $625K to settle alleged discrimination claims
- Cooper Health gala raises record $3.5M
- ‘Dream big’: Cooper’s $2B expansion builds on Camden’s progress