Ratings firm praises UMass Memorial's finances
WBJ File
The University of Massachusetts Medical School is one reason Fitch Ratings feels UMass Memorial Health Care's financial position is strong.
Fresh off its announcements Thursday about a $68 million annual surplus and a possible new emergency department in Leominster, UMass Memorial Health Care received strong ratings from Fitch Ratings in New York City, which praised the system’s financial position.
Fitch said UMass enjoys a unique market position because of its connection with UMass Medical School, a factor which results in the system having a 44-percent market share in Central Massachusetts.
Fitch also noted UMass has improved its margins for the past three years, has added financial stability with supplemental funding and has more cash on hand ($705 million) compared to its debt than the average hospital.
As a result, Fitch gave A- ratings to the $77 million in revenue bonds being issued next year for UMass Memorial by the Massachusetts Department Finance Agency and to the $169 million in MDFA bonds issued this year.
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