NYU Langone Medical Center's Credit Ratings Upgraded To “A-” by Standard & Poor's for Strong Growth in Earnings
July 26, 2012 - 12:53pm
NYU Langone Medical Center’s financial strength and momentum was recently recognized by leading credit rating agency Standard & Poor’s (S&P). S&P raised NYU Langone’s long-term outlook to “A-” from “BBB+” due to its continued growth in earnings and relationship with New York University.
“At a time when many companies, organizations, and even countries are experiencing credit downgrades, these upgrades are evidence that we are making sound business decisions and are well-positioned to undertake our ambitious strategic growth agenda,” said Michael T. Burke, senior vice president and vice dean, corporate chief financial officer at NYU Langone Medical Center. “Our strong operating revenues, expense control, balance sheet, growth in unrestricted cash and investments, and philanthropic success have all contributed to our financial momentum, which is helping us to achieve our vision to become a world-class academic medical center.”
S&P cited NYU Langone’s metric-driven management team, led by Robert I. Grossman, MD, dean and CEO at NYU Langone Medical Center, as likely to implement further revenue growth and expense reductions opportunities, which will strengthen its financial position. NYU Langone and NYU School of Medicine have been under the leadership of Dean Grossman since March 2007, aligning patent care, research and education under a single management team.
Earlier this year, the medical center received upgrades by Fitch, from “BBB+” to “A-,” and Moody’s Investors Service, from “Baa1” to “A3” with the outlook revised to “stable” from “positive” at the higher rating level.