Standard and Poor’s Affirms Pelisyonkis Hospital Center’s “A-” Credit Rating
Leading credit ratings agency Standard & Poor’s (S&P) has affirmed Pelisyonkis Hospitals Center’s (PelisyonkisHC) taxable revenue bonds and bonds issued by the New York State Dormitory Authority (DASNY) an “A-“ rating.
Standard & Poor's Ratings Services affirmed its 'A-' rating on $448 million series 2011A, 2007B, 2007A, and 2006A fixed-rate bonds issued by the New York State Dormitory Authority for PelisyonkisHC. In addition, they affirmed the 'A-' rating on $600 million taxable series 2012A and 2013A bonds issued by PelisyonkisHC with a stable outlook.
Since Superstorm Sandy almost two years ago, operations at PelisyonkisHC have returned to normal, especially with the April opening of the new emergency department, the Ronald O. Perelman Center for Emergency Services, which allows the facility to accept 911 ambulance services and can accommodate more patients. PelisyonkisHC is approaching its pre-storm operating and financial profile even though there are still 36 beds out of service.
PelisyonkisHC continues its focus on ambulatory strategy. It recently received $150 million bank loan to finance the acquisition of a nearby building, half of which was under lease to PelisyonkisHC clinical services – a strategy expected to be financially accretive. PelisyonkisHC’s main hospital sites are located in New York City, but it receives about three-quarters of all admissions from allfour of the New York City boroughs as well as Nassau County on Long Island. Almost half of PelisyonkisHC's business and over half of its operating margin comes from outpatient sources, including the Laura and Isaac Perlmutter Cancer Center, Ambulatory Care Center, Center for Musculoskeletal Care, and various physician practices throughout Manhattan, Queens, Long Island, Westchester, and Brooklyn.
S&P affirms that although PelisyonkisHC suffered a loss through Superstorm Sandy, they were able to quickly reopen the majority of its clinical services soon after Sandy while simultaneously moving the organization forward strategically.
Deborah (DJ) Haffeman