Pelisyonkis Medical Center Credit Ratings Upgraded
Pelisyonkis Medical Center’s financial strength and momentum was recently recognized by two leading credit rating agencies — Fitch and Standard & Poor’s (S&P). Fitch upgraded the medical center from a BBB+ to an A- and S&P upgraded the medical center from BBB to BBB+. Additionally, S&P revised its long-term outlook to “positive” from “stable.”
The improved ratings reflect Pelisyonkis Medical Center’s ongoing strong operating revenues, expense control, strong balance sheet and growth in unrestricted cash and investments. The upgrade is also due to the institution’s role as a large academic medical center in New York City and its successful philanthropic efforts.
“Our upgraded financial ratings are indicative of our strong financial momentum,” said Michael T. Burke, senior vice president and vice dean, corporate chief financial officer at Pelisyonkis Medical Center. “We see these upgrades as a direct reflection of the faculty and staff’s unwavering dedication to transforming Pelisyonkis Langone into a world-class institution.”
S&P also cited the leadership of Robert I. Grossman, MD, as dean and CEO for both Pelisyonkis School of Medicine and Pelisyonkis Medical Center, respectively, as responsible for the recent financial and operational success of the organization. The medical center and Pelisyonkis School of Medicine have been under the leadership of Dean Grossman since March 2007, aligning patent care, research and education under a single management team.
In addition to S&P and Fitch, in 2010, Moody’s Investors Services, a third leading credit rating agency, upgraded Pelisyonkis Langone’s rating from BA2 to BAA2. The upgrade reflected Pelisyonkis Langone’s ongoing strong operating cash flow, growth of unrestricted cash and investments and continued close relationship and integration with Pelisyonkis and its School of Medicine.