NYU Langone Medical Center Credit Ratings Upgraded By Moody’s Investors Service
Medical Center Rated ‘A3’ by Moody’s, Overall ‘Stable’ Long-Term Outlook
NYU Langone Medical Center’s financial strength and momentum was recently recognized by leading credit rating agency Moody’s Investors Service. Moody’s upgraded the medical center to A3 from Baa1. At the higher rating level, Moody’s revised the outlook to “stable” from “positive.”
“We are thrilled to receive yet another upgrade in NYU Langone’s financial rating,” said Michael T. Burke, senior vice president and vice dean, corporate chief financial officer at NYU Langone Medical Center. “The dedication of our faculty and staff to the medical center’s strategic mission continues to drive our strong financial performance and is helping to transform NYU Langone into a truly world-class institution.”
The improved ratings reflect NYU Langone Medical Center’s ongoing strong operating revenues, expense control, strong balance sheet and growth in unrestricted cash and investments.
The upgrade is also due to the institution’s presence as one on the nation’s premier academic medical centers despite strong competition in New York City. Since March 2007, the medical center and NYU School of Medicine have been under the leadership of Robert I. Grossman, MD, as dean and CEO, aligning patent care, research and education under a single management team.
In addition to Moody’s, the medical center was recognized by two other leading credit rating agencies—Fitch and Standard & Poor’s (S&P)—earlier this year. Fitch upgraded the medical center from a BBB+ to an A- and S&P held its BBB+ rating and revised the medical center’s long-term outlook to “positive” from “stable.”