Fitch Ratings elevates Owensboro Health long-term rating outlook to ‘positive’
OWENSBORO, Ky. (April 24, 2019)– A national credit rating agency has elevated Owensboro Health’s bond rating outlook and has also signaled that a rating upgrade is possible within the next two years.
Fitch Ratings, which has dual headquarters in New York and London, affirmed the health system’s BB+ bond rating in an April 18 media release. The release also notes that Owensboro Health’s strong financial performance merits moving the system two-year outlook from “stable” to “positive.”
The Fitch report also notes that the system’s expected financial performance and growth could lead to a credit upgrade during the two-year outlook cycle.
Fitch’s release noted that the health system has a number of strengths that led to this improved outlook. These include:
- Dominant market position
- Growth in volumes and revenue, especially related to the new Healthplexes in Henderson, Madisonville and Powderly
- Strong financial performance
- Strategic facilities investments and lessened need spend on facilities and structures
- Growth in a number of service lines, including cardiology, gastroenterology, bariatric surgery and interventional radiology
- Joining the University of Kentucky Markey Cancer Center’s Research and Affiliate Networks, as well as affiliating with the University of Louisville to begin a family medicine residency program
- Community growth and investment, including the downtown revitalization and commensurate population growth
Owensboro Health President and CEO Greg Strahan said the system’s strong financial performance can be attributed to a team effort at all levels.
“Owensboro Health’s strategic framework places patients at the center of everything we do, with quality and safety as our foremost priorities,” Strahan said. “When we deliver safe, high-quality healthcare, all the other goals we are pursuing happen naturally. That is how we are going to continue to meet our mission to heal the sick and to improve the health of the communities we serve.”
Contact: Brian Hamby, Director of Marketing, Owensboro Health Marketing & Public Relations,
(O) 270-685-7749, (C) 270-316-4274, Brian.Hamby@OwensboroHealth.org.