Standard & Poors Affirms PRMC's Strong Bond Rating
Peninsula Regional Medical Center, the dominant healthcare provider on the Delmarva Peninsula, today announced that Standard and Poor’s has affirmed its A/Stable long-term bond rating. The rating is attached to the series 2006 Maryland Health & Higher Education Facilities Authority revenue bonds issued as part of the Medical Center’s $100 million construction and renovation project, which was completed late in 2009.
Despite the challenges facing all Maryland hospitals from a very low rate reimbursement increase, Standard & Poor’s acknowledged that Peninsula Regional is in a very strong business position highlighted by an excellent 72% market share, low-risk debt profile, adequate cash flow to meet its capital needs and an experienced, proactive and forward-thinking management team.
Leadership at Peninsula Regional was commended on enhancing its culture of patient safety, embedding its operational efficiency tactics throughout the organization, and enhancing monitoring and execution of its strategic plans. “Standard and Poor’s strong bond rating affirms our strength, verifies that we are on the right track and helps to solidify our financial outlook,” added Peninsula Regional Medical Center President/CEO Peggy Naleppa, MS, MBA, Dr.M, FACHE. “By expanding the campus when we did and introducing new services and technologies, we have positioned ourselves-even in these times of great economic uncertainty-to be a financially stable healthcare provider for the people of the Delmarva Peninsula for many years to come.”
Peninsula Regional Medical Center, established in Salisbury, Maryland in 1897, is a 317-bed hospital and the largest provider of tertiary care services on the Delmarva Peninsula.