BELOIT, WI. (October 13, 2021) Beloit Health System’s financial rating agency, Fitch, has affirmed the historically high ‘A’ rating to the System’s outstanding series 2020 and series 2016 revenue bonds issued by the Wisconsin Health & Educational Facilities Authority on behalf of Beloit. The Rating Outlook continues to remain Stable.
The ‘A’ rating reflects Beloit Health System’s strong and consistent operating performance supported by its leading local market position in a stable service area. Operating performance is supported by key service line growth, a large and growing outpatient footprint, and a highly aligned medical staff.
“I am proud of what the Team does every day to ensure the financial stability of the Health System while taking care of our Community. Achieving a high financial credit rating, along with a high Patient Quality/Safety rating, is a direct result of the Team’s commitment to our patients and Community,” commented Tim McKevett, President and CEO.
The affirmation of the ‘A’ rating reflects Fitch’s expectation that Beloit’s operating cash flows will return to historically strong levels. Expectations are supported by key service line growth, a significant outpatient footprint and a highly aligned and largely employed medical staff. It is Fitch’s opinion that the ‘A’ rating reflects the risk associated with Beloit’s narrow market and vulnerability to competition stemming from larger systems located in the secondary service area.
Beloit Health System opened at its current location in 1970. Since then, the hospital has expanded by partnering with Beloit Clinic, the Cancer Center providing comprehensive care affiliated with the University of Wisconsin, improved access to holistic care by opening NorthPointe Health and Wellness Campus, and enhanced its Cardiology services through the Hendricks Family Heart Hospital. The Packard Family Care Center is open after undergoing state of the art renovations. The main hospital has a new front entrance and doors, providing closer handicap parking and accessibility for patients.
About Beloit Health System
Beloit Health System is an independent community health system serving northern Illinois and southern Wisconsin. We offer world-class facilities and services to improve the overall health of the communities we serve with cornerstones for quality, engagement, integrity and patient satisfaction.