FOR IMMEDIATE RELEASE
April 18, 2013
Moody's Affirms Solid Debt Ratings for UNC Hospitals, Rex Healthcare
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."