Moody’s Investors Service Upgrades St. Charles’ Bond Rating
Bend, Ore. — Moody’s Investors Service has upgraded St. Charles Health System’s bond rating to A2 with a stable outlook from A3 with a positive outlook.
The upgrade means the health system will be able to borrow money for future capital projects at lower interest rates. Ultimately, it gives St. Charles access to more capital to improve its facilities and equipment, and provide the best care possible to the communities it serves.
Considering the challenging economic climate and the fact that St. Charles’ volumes have not increased in recent years, Moody’s was impressed with the health system’s ability to improve its balance sheet, including increasing its amount of cash on hand and reducing its accounts receivable.
“Our caregivers deserve kudos for working hard to reduce expenses, improve our efficiencies and for being responsible stewards of our funds,” said Karen Shepard, St. Charles’ chief financial officer.
About St. Charles Health System
St. Charles Health System, Inc., headquartered in Bend, Ore., owns and operates St. Charles Bend and Redmond, and leases and operates Pioneer Memorial Hospital. It also owns family care clinics in Bend, Prineville, Redmond and Sisters. St. Charles is a private, not-for-profit Oregon corporation and is the largest employer in Central Oregon with more than 3,000. In addition, there are more than 350 active medical staff members and nearly 200 visiting medical staff members who partner with the health system to provide a wide range of care and service to our communities.