WakeMed’s A1 Rating Affirmed by Moody’s
RALEIGH, N.C. (January 28, 2011) – WakeMed Health & Hospitals is pleased to announce Moody’s Investor Services has affirmed the A1 long-term ratings assigned to WakeMed’s $470 million of outstanding bonds issued through the North Carolina Medical Care Commission. This A1 rating reaffirms WakeMed’s financial strength and indicates that WakeMed bonds are high-quality investments.
“WakeMed retained its A1 status and stable outlook in a very competitive market because we are in a strong financial position,” commented Mike DeVaughn, WakeMed chief financial officer. “And, with the changes being implemented as a result of the consultant-led WakeMed Road to Excellence initiative, we expect our financial outlook to become even stronger.”
The Moody report noted WakeMed’s stable financial performance, strong improvement in unrestricted cash and investments, good volumes, leading market share and favorable service area.
WakeMed was first rated by bond rating agencies Moody’s and Fitch in 2009 and received high ratings from both agencies. Shortly after the positive ratings, WakeMed entered an extremely tight bond market, selling $170 million in fixed rate bonds in just a few days. A couple of weeks later, WakeMed issued an additional $75 million in variable rate bonds. Both bond issuances achieved a good interest rate and over-sold bonds.
About WakeMed Health & Hospitals
WakeMed Health & Hospitals is a private, not-for-profit health care organization based in Raleigh, N.C. The 870-bed system comprises a network of health care facilities throughout Wake and Johnston Counties. Centers of excellence include cardiac and vascular care, women’s and children’s services, physical rehab, emergency and trauma, orthopedics, neurosciences, home care and numerous wellness and community outreach programs. WakeMed’s team of 7,750 employees, 1,000 volunteers and more than 1,000 affiliated physicians serve the residents of North Carolina using the most advanced technologies to ensure the finest in health care. For more information, visit www.wakemed.org.