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Published on August 31, 2016

Standard & Poor’s Reaffirms Cape Cod Healthcare Bond Rating

Standard & Poor’s Ratings Services has reaffirmed its long-term rating of “A” for Cape Cod Healthcare. The Rating Outlook remains “Stable,” according to S&P.

“We assessed Cape Cod Healthcare’s enterprise profile as strong,” Standard and Poor’s said in a report confirming its rating. “We expect Cape Cod Healthcare will well exceed its fiscal 2016 budget, driven by volume and development, with no new debt expected over the next two-to-three years.”’

Cape Cod Healthcare is the parent company of Cape Cod Hospital, Falmouth Hospital, the Visiting Nurse Association of Cape Cod, Cape Cod Healthcare Foundation, a medical group practice, six outpatient centers, a skilled nursing facility, and laboratory services, as well as several other programs and facilities.

This marks the second consecutive year that Standard and Poor’s has given an “A” rating to CCHC.

“This latest ratings news is more confirmation that we are on the right track toward keeping this healthcare system strong and independent,” said Michael K. Lauf, President and CEO of Cape Cod Healthcare. “Our board, administrative team, physicians and staff deserve credit for their commitment to continually improving our performance in every area. The patient at the center of all we do, and all of our strategies and hard work are designed to ensure that the people of our community receive the best care possible at their local healthcare system.”

By paying close attention to expense control and efficiencies, CCHC was able to continue to reinvest into the health system in new facilities, programs and personnel in the last year. Notable this year were:

  • Two new Urgent Care Centers in Hyannis and Falmouth
  • Three new public pharmacies
  • Affiliation with Tufts Floating Hospital for Children
  • Affiliation with University of Massachusetts Medical School 

Standard & Poor’s is a nationally recognized statistical rating organization designated by the U.S. Securities and Exchange Commission.

In their notice of the CCHC upgrade, S&P noted CCHC’s strengths as:

  • Historically healthy debt service and cash flow
  • Excellent geographic market position 
  • Strong financial profile with consistently healthy financial operating performances in recent years.

S&P also noted that partially offsetting credit factors for CCHC include its “significant dependence on Medicare as a payor,” and “uncertain credit pressures associated with the effects of healthcare reform, although management reports the system is well experienced when it comes to alternative risk payor contracts, and that it performs well from a quality and cost perspective.”

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