A+ Bond Rating Maintained for Second Year
Standard & Poor's, the leading provider of financial market intelligence, and the world's foremost source of credit ratings, has once again affirmed Marion Health's A+ bond rating and stable outlook on its Series 2002 Bonds. A Standard & Poor's rating reflects a borrower's capacity to meet its financial commitments on a timely basis. The A+ rating reflects Marion Health's . . .
- Market position as the sole community provider in the primary service area of Grant County,
- Strong balance sheet characteristics, evidenced by unrestricted cash and investments equaling 338 days' cash on hand and a 232% cash-to-total debt ratio and 489% cash to puttable debt as of Dec. 31, 2009; and
- Adequate financial performance through the second quarter of fiscal 2010 (ended Dec. 31, 2009) with an operating margin of 1.1%.
"Our bond rating indicates that our Hospital is strong financially and positioned very well for the future," states Paul Usher, President/CEO. "It also stresses the importance of continuing our vision and continuing to make critical decisions that have enabled us to maintain our A+ bond rating."
The rating is a significant accomplishment for Marion Health because few stand-alone, nonprofit healthcare organizations receive an A+ bond rating.