Moody’s Affirms Bond Rating for Bellin Health

Outlook is stable; profitability, strong debt coverage ratios cited

Moody’s Investor Services has affirmed Bellin Health’s A2 bond rating and issued a rating outlook of stable, citing profitable operating margins, strong debt coverage ratios and improved liquidity.

Released earlier this month, the rating reflects continued strength for Bellin’s bonds. In 2001, the organization was assigned a BBB+ rating, and it has been upgraded twice since that time.

In its ratings report on Bellin Health, Moody’s noted:
• The health system’s broad service area throughout Northeast Wisconsin and into Michigan’s Upper Peninsula
• Bellin’s participation in the Centers for Medicare & Medicaid Services’ Pioneer Accountable Care Organization (ACO) program, recognized in 2014 for being the program’s top performer in terms of both cost and quality.
• A track record of profitability with particularly strong operating margins in fiscal year 2014 (13.3 percent) and fiscal year 2015 (13 percent).
• Strong adjusted debt coverage ratios

George Kerwin, Bellin Health president and CEO, said the tone of the report is positive.

“At Bellin Health, we strive to be good stewards of our resources while maintaining the highest standards of quality care,” Kerwin said. “This focus allows us to continually improve our services while helping patients manage their healthcare costs.”