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Moody’s Affirms Solid Debt Ratings for UNC Hospitals, Rex Healthcare

NEWS RELEASE
FOR IMMEDIATE RELEASE
April 18, 2013

UNC Health Care Contact: Jennifer James                             Rex Healthcare Contact: Alan M. Wolf
(919) 966-7622, jjames@unch.unc.edu                                  (919) 784-4467, alan.wolf@rexhealth.com

Moody’s Investors Services has affirmed the strong ratings it holds on the bonds of UNC Hospitals and Rex Healthcare. The research agency cites the sister institutions’ solid operations and increasing integration efforts under the UNC Health Care umbrella.

Moody’s gives UNC Hospitals an Aa3 rating, covering $286 million of debt. It gives Rex an A1 rating, covering $120 million of debt. The outlook for both organizations is stable.

 “UNC Health Care is committed to improving patient care, conducting leading medical research and educating our next generation of physicians, all while reducing costs for patients,” said Chief Financial Officer Chris Ellington. “Together, UNC and Rex are working to make operations more efficient as a variety of factors continue to reshape health care, including changes dictated by federal legislation.”

UNC and Rex collaborate to share best practices, trim expenses and create efficiencies. For example, the hospitals are jointly installing a new electronic medical records system that will save money and improve patient care. The institutions also are increasingly working together in key treatment areas such as cardiovascular, cancer, OB/GYN, surgery and more. 

“Combined, UNC and Rex’s financial stability allows us to provide excellent and efficient care for all patients,” said Bernadette Spong, Rex’s chief financial officer. “Efficient operations enable our organizations to invest more money in important treatment, services, research and education.”

About Rex Healthcare

Rex Healthcare, a member of UNC Health Care, is a private, not-for-profit health care system with more than 5,400 co-workers. Rex Healthcare has 660 beds (433 general acute beds and 227 skilled nursing) and treats nearly 34,000 inpatients each year. Rex offers dedicated centers for cancer, surgery, heart and vascular, post-acute rehabilitation and skilled nursing care, wellness and women’s care plus dedicated services for bariatric, heartburn, pain management, sleep disorders, diabetes education, wound and emergency care. Rex’s medical staff includes more than 1,100 physicians and 1,700 nurses. Rex provides various health care services throughout Wake County with facilities in Apex, Cary, Garner, Holly Springs, Knightdale, Wakefield and downtown Raleigh. Rex was the first hospital in the Triangle to receive Magnet Recognition, placing Rex nurses among the top 6 percent in the nation. Rex was named one of the top 100 Best Places to Work in Healthcare by Modern Healthcare magazine in 2008, 2009 and 2011, and was highlighted as one of the Top 50 Hospitals in the U.S. by Becker’s Hospital Review in 2011. Visit rexhealth.com for more information.

 About UNC Hospitals
UNC Hospitals is an 803-bed public, academic medical center operated by and for the people of North Carolina. The Hospitals' mission is to provide high quality patient care, to educate health care professionals, to advance research and to provide community service. UNC Hospitals includes North Carolina Cancer Hospital, North Carolina Children's Hospital, North Carolina Memorial Hospital, North Carolina Neurosciences Hospital, and North Carolina Women's Hospital. Each year UNC Hospitals cares for patients from all 100 counties in North Carolina and several surrounding states. Visit unchealthcare.org for more information.