Cooper University Health Care’s credit rating for bonds issued by the Camden County Improvement Authority was upgraded by S&P Global Ratings to an A rating with a “positive” outlook, the system announced.
This is the second-straight year S&P has increased Cooper’s credit rating — and it follows an A+ credit rating from Fitch Ratings earlier in the month.
George Norcross, chairman of the board of trustees of Cooper University Health Care, obviously was thrilled by the news.
“S&P’s upgrade for a second year in a row is yet another validation of our thoughtful growth strategies and speaks to a remarkable turnaround for Cooper that was near bankruptcy at the turn of the century and is now a leading academic health system,” he said.
“Thousands of Cooper team members who work, day and night, to provide the best health care to our patients are responsible for this achievement.”
S&P cited “Cooper’s sustained trend of healthy operations despite elevated labor costs and inflationary pressures.
It also noted that “management has remained focused on improving financials through cost containment and revenue enhancement, accountability and group purchasing programs.”
Management clearly was pleased by this.
“Cooper team members have worked diligently to grow Cooper into an elite, nationally recognized academic health system with patients from all 50 states and more than 35 countries,” co-CEO Kevin O’Dowd said.
“For a second straight year, S&P has validated our prudent growth strategies and the success of our dedicated team members who tirelessly serve our patients, their families and each other.”
O’Dowd said Cooper has remained focused on increasing market share and has prioritized developing, enhancing and promoting its key services to gain more tertiary referrals and limit outmigration to the Philadelphia academic medical centers.
Co-CEO Anthony Mazzarelli agreed.
“Our teams have successfully focused on becoming an exceptional academic health system and managing our finances to allow us to grow to meet increasing demand from patients and this increased credit rating demonstrates we are on the right track,” he said.
