S&P Affirms A+ Bond Rating for Bellin Health
Outlook is stable; COVID performance, regional presence cited in report
S&P Global Ratings has affirmed Bellin Health’s A+ bond rating and issued a rating outlook of stable, citing the health system’s “coexist with COVID” strategy, solid regional presence and healthy debt profile, among other factors.
Released earlier this month, the rating reflects continued strength for Bellin’s bonds. In 2015, S&P raised its rating for Bellin to A+ from A, grading the organization’s long-term future as stable. It was the third consecutive upgrade since the health system’s initial BBB+ rating in June 2004. Bellin has maintained the A+ rating ever since.
“At Bellin Health, we know that serving as good stewards of our resources is a critical element of maintaining the highest quality care and providing the best possible experience for our patients,” said Bellin Health President & CEO Chris Woleske. “The COVID-19 pandemic has presented us with numerous financial challenges, yet we have relied on a strong financial foundation, an expert team and our ability to adapt to changing circumstances to see us through. This rating reflects those efforts.”
Bellin has adopted the term “coexist with COVID” to refer to the health system’s approach of safely returning patients to all types of care as the pandemic continues. It’s the right thing to for the patients’ health, as well as Bellin’s, Woleske notes.
In its ratings report, S&P also noted Bellin’s:
• Experienced management team, with a history of operational and strategic success
• Solid maximum annual debt service coverage
• Competitive service area and the health system’s success therein