Moody's Investors Service said it has upgraded to Aa2 from Aa3 the rating assigned to Children's Medical Center of Dallas' (CMC) $358 million of outstanding bonds issued by the North Central Texas Health Facilities Development Corporation.
The rating outlook is stable.
The rating upgrade to Aa2 reflects CMC's multi-year trend in improved financial performance, stronger balance sheet metrics, improved fundraising capabilities, and growth in market share in one of the fastest growing regions of the country.
The Aa2 rating is also supported by CMC's strong brand recognition in the Dallas market and surrounding regions, as well as the organization's relatively low debt burden.
The stable outlook reflects the expectation that strong financial performance and liquidity measures will be maintained going forward.
