MIAMI BEACH, Fla., Oct. 10, 2011
New York-based rating agency, Fitch Ratings, has upgraded Mount Sinai Medical Center's bond ratings status to BBB- from BB+. Since fiscal year 2008, Mount Sinai has continued to generate increased, positive revenues while still increasing its charity care to the community year after year.
The upgrade reflects Mount Sinai's continued improvement of operating performance and significant expense reduction despite having expanded its presence to six locations over the past three years, including satellite offices in Hialeah, Coral Gables, Aventura and Key Biscayne.
The Mount Sinai Heart Institute has developed into one of the state's strongest cardiac service lines, which has resulted in sharp increases of the hospital's cardiac surgical volume. Mount Sinai has the best cardiac survival rates in Florida among institutions that perform a high volume of complex procedures, captures the largest market share of valve surgeries in Miami, and ranks #9 in the nation for heart attack survival rates according to the Centers for Medicare and Medicaid Services.
Additional positive rating factors are Mount Sinai's solid market position as the only hospital in Miami Beach, FL, one of only seven statutory teaching hospitals in the state, the addition of experienced medical staff in other key service lines and strong community support from the hospital's donors through its foundation.
Mount Sinai President and CEO, Steven Sonenreich, emphasizes that Mount Sinai's donors are a critical component of its success. "Mount Sinai was established 60 years ago, with the help of visionary community leaders and philanthropists who responded to the need for a new hospital on Miami Beach. Philanthropy continues to play a major role today," said Sonenreich.
According to Fitch Ratings, by June 30, 2011, Mount Sinai held $178.4 million of unrestricted cash and investments, equivalent to about 144 days cash on hand. The upgrade from Fitch Ratings continues to reflect Mount Sinai's improved operating performance, as also reported back in July when Moody's Investors Services also upgraded Mount Sinai's outlook to positive at a higher-level rating.