Moody’s upgrades Mount Sinai Medical Center credit rating
Written by Catherine Lackner on May 7, 2019
Moody’s Investors Service has upgraded Mount Sinai Medical Center’s rating outlook from stable to positive and affirmed its Baa1 rating on the medical center’s bonds issued through the City of Miami Beach Health Facilities Authority.
“The upgraded rating outlook from stable to positive reflects Mount Sinai’s solid operating performance, which Moody’s expects will continue,” said a release from the medical center. “Main factors include an expanded market share in high acuity services, increased surgical volume with emphasis on cardiovascular procedures, and increased volume across its emergency centers in Miami-Dade County. Mount Sinai also continues to increase its volume outside its primary service area with the expansion of their primary and specialty care offices in Miami-Dade and Monroe counties. Additionally, the event risk related to the construction of the new surgical tower and emergency center at its main location on Miami Beach, as well the freestanding emergency center in Hialeah, are now in the past, as all facilities are open and fully operational.”
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