Moody’s Investors Service upgraded the long-term ratings assigned to Mount Sinai Medical Center of Florida’s outstanding debt to Ba1 from Ba2 and removed it from its watch list.
The debt was issued through the Miami Beach Health Facilities Authority. Approximately $258 million of debt is affected.
The rating outlook is positive at the higher rating level.
The upgrade follows strong improvement in MSMC’s financial profile in fiscal 2009 and into fiscal 2010. It reflects Moody’s belief that the improvement will continue, supporting stronger debt-coverage measures and strengthening cash balances.