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Rex Healthcare Receives Higher Bond Rating from Fitch

NEWS RELEASE
FOR IMMEDIATE RELEASE
June 10, 2014

Contact:
Alan M. Wolf
(919) 784-4467
alan.wolf@rexhealth.com

Rex Healthcare Receives Higher Bond Rating from Fitch

The ratings upgrade comes as Rex continues to seek innovative ways to reduce costs, including leveraging its partnership with UNC Health Care. Those efforts have intensified as hospitals across the country wrestle with massive industry changes tied to federal health reform, reimbursement cuts, an aging population and other factors.

“We are committed to providing excellent care for all our patients while remaining financially healthy,” said Rex Chief Financial Officer Bernadette Spong. “Everyone at Rex recognizes that we need to adapt to the shifting industry landscape in order to continue our mission.”

Rex’s financial strength allows the organization to reinvest in new technology and facilities, ensuring that future generations will enjoy high quality medical care. Construction on the new N.C. Heart & Vascular Hospital at Rex’s main Raleigh campus is scheduled to begin this fall. In addition, by controlling expenses, Rex is able to provide more than $220,000 per day in charity care to uninsured and underinsured patients.

Fitch analysts noted Rex’s “solid financial performance” and conservative debt profile as factors that led to the ratings upgrade. In March, Standard & Poor’s Ratings Services also raised its rating on Rex, citing similar factors.