Covina, Calif. (PRWEB) July 11, 2017
Standard & Poor's (S&P) Global Ratings raised its underlying rating (SPUR) to ‘A’ from ‘A-‘ on the California Statewide Communities Development Authority’s certificates of participation (COPs), issued for Citrus Valley Health Partners (CVHP) with an outlook of stable.
S&P stated that “the higher rating reflects our view of CVHP’s continued strong financial performance, with solid maximum annual debt service (MADS) coverage, and its good balance sheet, with continued growth in unrestricted reserves. We expected financial performance and the balance sheet will remain healthy over the next few years, supported by healthy cash flows and ongoing support from the state provider fee. The higher rating also reflects our view of CVHP’s ongoing focus on operational improvement, including aggressive cost management that allows the system to generate modest profits.”
Additional rationale included:
- Very low debt load with no contingent liability exposure and ample cash on hand;
- Sustained improvement in financial performance, including maximum annual debt service (MADS) coverage resulting in part from a low debt burden; and
- Management team that has defined clear, strategic goals and demonstrated success in improving underlying operating performance.
This latest CVHP upgrade compliments an upgrade in 2016 and a triple upgrade in 2015.
CVHP is a non-profit 623-bed acute care hospital system located in Los Angeles County, Calif. CVHP consists of three hospitals: Foothill Presbyterian Hospital (FPH) in Glendora, Inter-Community Hospital (ICH) in Covina, Queen of the Valley Hospital (QVH) in West Covina, freestanding Citrus Valley Hospice in West Covina and the Citrus Valley Health Foundation. CVHP is known regionally for its Citrus Valley Heart Program, Neuroscience Program/Certified Primary Stroke Center, robotic surgery program, accredited acute rehabilitation program and many ambulatory services. CVHP’s family of over 3,000 employees and nearly 1,000 physicians are mission-driven to provide safe, compassionate care. CVHP was recently voted as the Best Hospital and Best Place to Work for the sixth consecutive year. To learn more, visit http://www.cvhp.org