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Morristown, NJ, July 25, 2013 – Atlantic Health System today announced that Standard & Poor’s (S&P) has raised its rating – from an A to an A+ – on the debt of Atlantic Health System (AHS). The hospital system also this week had its A1 status affirmed by Moody’s Investors Service. Atlantic Health System operates Morristown Medical Center, Overlook Medical Center, Newton Medical Center and Goryeb Children’s Hospital, and recently signed a definitive agreement to merge with Chilton Hospital.
According to S&P, the rating upgrade reflects a combination of factors, including: solid operating performance, overall cash flow and maximum annual debt services (MADS) coverage; improvement in unrestricted cash and investments; growing volumes. In its affirmation, Moody’s cited Atlantic Health System’s favorable financial performance in fiscal year 2012 and an increase in unrestricted cash and investments.
Both S&P and Moody’s cited the successful acquisition of Newton Medical Center in 2011, as well as the pending merger of Chilton Hospital as factors supporting Atlantic Health System’s ratings.
“S&P and Moody’s have recognized Atlantic Health System as a leader in the health care industry with a solid financial foundation,” said Kevin Lenahan, Vice President of Finance/Chief Financial Officer, Atlantic Health System. “As the health care environment evolves both nationally and regionally, our organization is well-positioned for continued growth, while still meeting the needs of our patients, employees and health care providers.”
In its report, S&P stated that the upgrade to an A+ rating indicates not only that Atlantic Health System improved upon specific financials, including improved operating income and debt service coverage, but also that the organization maintains a “leading business position in three affluent suburban New Jersey markets, although the markets are crowded with abundant competition.”
About Atlantic Health System
Atlantic Health System is one of the largest non-profit health care systems in New Jersey, comprised of Morristown Medical Center, Overlook Medical Center in Summit and Newton Medical Center. The three medical centers – all accredited by The Joint Commission – have a combined total of 1,308 licensed beds and more than 2,750 affiliated physicians providing a wide array of health care services to the residents of Northern and Central New Jersey. Specialty service areas include advanced cardiovascular care, pediatric medical and surgical specialties, neurology, orthopedics, and sports medicine. Each of these programs has earned top ratings and recognitions in their respective fields. Atlantic Health System is the official health care partner of the New York Jets and an official health care provider of the New Jersey Devils.
Morristown Medical Center’s Gagnon Cardiovascular Institute performs more heart surgeries than any other hospital in New York or New Jersey, and is one of 20 facilities across the country to perform catheter-based repair and replacement of valves on both sides of the heart. Atlantic Health System’s spine program – where surgeons perform more spine surgery than anywhere else in New Jersey – is one of just 13 hospitals across the country that has received the Gold Seal of Approval™ from The Joint Commission, achieving Disease-Specific Care Certification for cervical and lumbar spine treatments. With the Atlantic Neuroscience Institute based at Overlook Medical Center, the hospital serves as the hub for the New Jersey Stroke Network, and serves about 40 percent of the state’s stroke patients. The system’s Goryeb Children’s Hospital offers more than 100 board-certified physicians in 20 pediatric specialties. Morristown Medical Center is verified as a Level I Regional Trauma Center by the American College of Surgeons and designated a Level II by the state of New Jersey.
Atlantic Health System has been chosen for the past three consecutive years by FORTUNE® as one of the magazine’s “100 Best Companies to Work For®.” The organization has also been recognized four times by AARP as one of the “Best Employers for Workers over 50.” Inside Jersey magazine partnered with Castle Connolly Medical Ltd. and ranked Morristown Medical Center as the No. 1 hospital in New Jersey and the No. 1 hospital for treatment of heart failure and coronary surgery in the state. The survey findings also establish Overlook as No.1 for the treatment of neurological disorders and stroke in NJ. Atlantic Health System is a Major Clinical Research Affiliate with The Cancer Institute of New Jersey and is an affiliate of The Mount Sinai Hospital and the Mount Sinai School of Medicine.