St. Tammany Parish Hospital earned A+ Issuer Default Rating (IDR) from Fitch Ratings for current and future debt. Additionally, Fitch assigned STPH a Positive Outlook for the future. This rating is significantly higher than its previous rating of A with Stable Outlook.
According to Fitch, the upgrade reflects STPH’s “strong trend in operating performance, further growth in unrestricted liquidity, and increasing patient volumes.”
STPH Board Chairman John Evans said, “STPH has worked very hard to accomplish this prestigious upgrade. Our board has been dedicated to position our community hospital for continued success into the future. This A+ Positive Outlook rating is one more step toward that goal.
“We are grateful to each and every employee, physician, associate, and partner of the hospital that made this upgrade possible,” he continued. “Additionally, we thank Fitch for taking the time to understand our hospital, our mission to serve, and our resolve to be financially responsible as we continue to provide world-class healthcare, close to home.”
Fitch indicated the A+ Positive Outlook acknowledges the strengthening of STPH’s credit profile and balance of risk, as STPH embarks upon a three-year, $100 million expansion project that will include a new addition for private patient rooms and expanded critical care, women’s, and children’s services.