Citing improved operating performance, S&P Global Ratings has upgraded Main Line Health’s outlook from negative to stable, writes John George for the Philadelphia Business Journal.
The rating agency also affirmed the health system’s “AA-” long-term debt rating. An AA- investment grade rating is given to organizations with a “very strong” capacity to meet their financial commitments.
In fiscal 2024, Main Line Health reduced its operating loss by 50 percent, bringing it down to $61.1 million, compared to the $125.3 million deficit reported the year before. Its operating revenue went up by nine percent to $2.29 billion, while its overall revenue also increased nine percent to just under $2.4 billion.
“The outlook revision reflects our view of Main Line Health’s significant improvement in operating performance in fiscal 2004 along with our expectation for further improvement over the outlook period to strengthen debt service coverage and stabilize balance sheet metrics,” said S&P analyst Kay Sifferman.
Main Line Health is the parent organization of four acute care hospitals, including Lankenau Medical Center in Wynnewood and Bryn Mawr Hospital, as well as several multi-specialty outpatient health centers and addiction treatment centers.
Read more about Main Line Health’s S&P Global Ratings upgraded in the Philadelphia Business Journal.
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