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Fitch Upgrades Mount Sinai Medical Center of Florida (FL) Revenue Bonds to 'A-'; Outlook Stable
Miami Beach, FL – June 8, 2018 – Fitch Ratings has assigned an ‘A-‘ Issuer Default Rating (IDR) to Mount Sinai Medical Center of Florida and has upgraded to ‘A-‘ from ‘BBB+’ debt issued by City of Miami Beach Health Facilities Authority on behalf of Mount Sinai.
The ‘A-‘ IDR reflects Mount Sinai’s solid operating performance, which Fitch expects will continue. Mount Sinai is in the process of constructing a new surgical tower and emergency center at its main location on Miami Beach, as well as a freestanding emergency department in Hialeah. The new facilities are scheduled to open in late 2018. Mount Sinai’s high leverage related to the surgical tower project is mitigated by adequate liquidity and substantial support provided by the Mount Sinai Medical Center Foundation.
In the first half of 2018 alone, the medical center received numerous awards and accolades related to financial stability, patient experience and safety. Mount Sinai Medical Center was named one of the nation’s 100 Top Hospitals by IBM Watson Healthä which spotlights the top-performing hospitals in the U.S. The list is based on a balanced scorecard of publicly available clinical, operational and patient satisfaction metrics and data.
Mount Sinai is the only hospital in Miami-Dade to be named to Watson Health’s 2018 list. In addition to this award, Mount Sinai has also been recognized by the Centers for Medicare and Medicaid Services (CMS) as a 4 star institution, based on 57 quality metrics. The medical center is one of two organizations in Miami-Dade to achieve a 4 star rating, the highest mark received by any hospital in the county.
“This upgrade validates to our community that Mount Sinai remains true to its mission,” said Wayne E. Chaplin, Chairman of the Board of Trustees for the medical center. “We are committed to high-quality care, research and training the next generation of physicians while remaining financially responsible. On behalf of the board, I congratulate the leadership team and medical staff on their continued success.”