Cooper Health bond rating gets upgrade
Moody's Investors Service on Thursday upgraded Cooper Health System's bond rating by one notch, to 'Baa1' from 'Baa2,' and changed Cooper's outlook to stable from positive.
Moody's Investors Service on Thursday upgraded Cooper Health System's bond rating by one notch, to 'Baa1' from 'Baa2,' and changed Cooper's outlook to stable from positive.
Moody's cited Cooper's improved financial performance and lower reliance on state charity-care money because of Medicaid expansion as reasons for the upgrade.
The New York ratings agency also warned that Cooper's large percentage of revenue from Medicare and Medicaid and the highly competitive service area where it operates were negatives.
Cooper's core operations had cash earnings before interest expense of $107.78 million last year, up from $92.67 the year before. Operating revenue was $1.06 billion in 2015, up from $945.6 million.
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