Friday, December 07, 2012
Freeman Health System bond rating upgraded
JOPLIN, Mo.—Standard & Poor's Ratings Services has upgraded the financial outlook for Freeman Health System and affirmed its BBB+ long-term credit rating. The improved outlook reflects Freeman's operating performance through fiscal 2012 and interim fiscal 2013, completion of large capital projects, sizeable revenue base, good business position, and operating performance.
This positive change in the outlook for Freeman’s credit rating is reflective of the on-budget completion of several construction and expansion projects, including the fifth and sixth floors of Gary & Donna Hall Tower at Freeman Hospital West. In addition, Freeman’s financial performance this year has been exceptional—even exceeding that of last year—thanks partly to the health system’s increased inpatient and acute patient censuses.
“We are thrilled to obtain this news from Standard & Poor’s,” said Steve Graddy, Freeman Chief Financial Officer. “Such an upgrade is indicative of the stability of our market and Freeman’s placement within it.”
About Freeman Health System
Based in Joplin, Missouri, Freeman Health System is the area’s only locally owned, not-for-profit health system, serving southwest Missouri, southeast Kansas, northeast Oklahoma, and northwest Arkansas. Freeman provides comprehensive healthcare and behavioral health services, including cancer care, heart and vascular care, neurosciences, orthopaedics, and women’s services, with more than 300 physicians representing 60 specialties. For more information, visit freemanhealth.com or facebook.com/freemanhealthsystem, or follow Freeman President and Chief Executive Officer Paula Baker at twitter.com/freemanceo.