S&P upgrades hospitals' parent company to A- rating

2012-11-21T11:00:00Z S&P upgrades hospitals' parent company to A- ratingBy Times Staff nwitimes.com
November 21, 2012 11:00 am  • 

MUNSTER | The credit ratings agency Standard & Poor’s has upgraded Community Foundation of Northwest Indiana revenue bonds to A- rating from BBB+, citing its leading market position among the deciding factors. The agency also affirmed the rating outlook as stable.

Community Foundation of Northwest Indiana is the parent company of Community Hospital in Munster, St. Catherine Hospital in East Chicago and St. Mary Medical Center in Hobart, as well as Hartsfield Village, a continuing care retirement community.

This rating follows an Oct. 18 announcement by Fitch. That credit agency also assigned an A- rating to Community Foundation of Northwest Indiana 2012 revenue bond issuance through the Indiana Finance Authority, but with a rating outlook that was revised from stable to positive.

“The revenue bond ratings from Standard & Poor’s and Fitch represent votes of confidence in our ability to meet ever changing healthcare needs of our community,” said John Gorski, Chief Operating Officer of the Community Healthcare System. “As the region’s market leader in health care, we are focused on delivering real value in health care, setting the benchmarks for quality care. These latest upgrades are a validation of our efforts to hardwire excellence at every level within our organization.”

In 2012 Community Foundation of Northwest Indiana had total revenues of $861.8 million, up from 2011’s $806.5 million base.

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