Overlake Medical Center announced on Monday an investment-grade “A2” rating from Moody’s Investor Services and an A “stable” rating from S&P Global Ratings.
The ratings reflect Overlake’s strong market position and operating performance.
“These positive credit ratings reflect Overlake’s sound business position as one of Washington state’s leading health systems,” said Overlake President and CEO J. Michael Marsh in a press release. “The healthcare industry will continue to face ongoing challenges but we are confident we can continue to deliver exceptional patient care while maintaining long-term financial strength.”
Moody’s assigned an A2 rating to Overlake’s Revenue Bonds, Series 2017A and Refunding Revenue Bonds, Series 2017B to be released by the Washington Health Care Facilities Authority, and affirmed the A2 rating on $140 million of outstanding debt. Moody’s recognized Overlake’s recent investments in clinics, outpatient services and collaborations with other regional providers.
“We expect Overlake will continue to grow volume and maintain favorable financial performance,” according to the Moody’s report.
S&P Global assigned its “A” long-term rating, recognizing Overlake’s leading inpatient market share as well as strong ties and contract with Kaiser Permanente (Kaiser).