Moody's Investors Service said it has upgraded the ratings on Rady Children's Hospital, Calif.'s revenue bonds to A1 from A2, affecting approximately $405 million of debt issued by the California Health Facilities Finance Authority and by the California Statewide Community Development Authority.
The outlook is stable.
The upgrade reflects significantly improved balance sheet measures, and the return to strong operating performance.
The upgrade to A1 from A2 with a stable outlook reflects Rady Children's strong balance sheet, its improved and strong operating performance, its clinical excellence, and its position as the dominant provider of tertiary and quaternary pediatric services in the greater San Diego Region.
Rady Children's is also a major beneficiary of the California State Provider Fee Program, which has been extended for an additional three years, and is another strength.
