<\/p>\n
Tampa General Hospital’s Bayshore Pavillion. Fitch cited growing revenues and other factors to explain its improved outlook for the hospital’s rating. <\/p>\n
Fitch Ratings raised to positive from stable the outlook on its A rating on Tampa General Hospital, Florida’s health care facility revenue bonds and hospital revenue bonds.<\/p>\n
Fitch explained the improved outlook, saying TGH’s “continued strategic enterprise growth, stable operating results and adjusted leverage metrics that demonstrate ample flexibility and cash to adjusted debt ratio [are] consistent with the higher end of the rating category by year two of Fitch’s stress scenario.”<\/p>\n
Tampa General Hospital is the operating name for Florida Health Sciences Center, which had $1.269 billion of long-term debt outstanding as of June 30, according to a financial report it posted to the MSRB’s EMMA web site. According to its most recent annual comprehensive financial report, about 70% of this is bond debt.<\/p>\n
Fitch said its A rating was supported by expectation of robust revenue growth and an economically strong and growing service area. TGH’s collaboration with the University of South Florida School of Medicine is a positive for the rating.\u00a0<\/p>\n
While TGH’s net leverage metrics are consistent with a AA rating, its overall financial profile is more consistent with the A rating category and it has execution risk related to a major construction project, Fitch said.<\/p>\n
Combined Medicaid and self-pay has been stable and under Fitch’s benchmark of 25% of revenues in recent years.\u00a0<\/p>\n
Earnings before interest, taxes, depreciation and amortization were 8.3% in fiscal 2024. Fitch expects this to improve in fiscal 2026 and top 9% in fiscal 2027.<\/p>\n
TGH ended fiscal 2024 with unrestricted cash and investments of $1.48 billion.\u00a0<\/p>\n
Fitch’s actions affect TGH’s issuer default rating and series 2024A and B bonds issued through Florida Development Finance Corp. and Series 2020 A, B and C bonds issued through the Hillsborough County Industrial Development Authority. <\/p>\n
S&P Global Ratings rates Tampa General Hospital’s debt A-minus with a stable outlook.<\/p>\n
The hospital didn’t immediately respond to a request for comment.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Tampa General Hospital’s Bayshore Pavillion. Fitch cited growing revenues and other factors to explain its improved outlook for…\n","protected":false},"author":2,"featured_media":7127,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[7593,7594,28,7592,7595,135,137,136],"class_list":["post-7126","post","type-post","status-publish","format-standard","has-post-thumbnail","category-tampa","tag-bond-ratings","tag-fitch","tag-florida","tag-not-for-profit-healthcare","tag-public-finance","tag-tampa","tag-tampa-headlines","tag-tampa-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/7126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=7126"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/7126\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/7127"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=7126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=7126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=7126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}