Standard & Poor’s changed St. Peter’s Hospital’s outlook to positive from stable, citing immediate benefits from the Albany hospital’s recent merger.
Standard & Poor’s also affirmed its BBB-plus long-term rating on the hospital’s fixed-rate bonds, which include its $253.8 million of Series 2008A, B, C, D and E bonds issued by the Albany Industrial Development Agency and its $34.2 million of Series 2011 bonds issued by the Albany City Capital Resource Corp.
In October, the hospital’s parent, St. Peter’s Health Care Services, merged with Seton Health and Northeast Health. The three organizations now operate under St. Peter’s Health Partners, a subsidiary of Catholic Health East.
St. Peter’s Hospital’s rating reflects its relationship with A-rated Catholic Health East, its improved balance sheet and steady cash-flow improvement, the report said.