Moody’s affirms A1 – stable outlook – rating for Akron Children’s

11-06-2019 ( Ohio )

 Moody’s Investors Service has affirmed Akron Children’s Hospital’s A1 – stable outlook - bond rating affecting $197 million of outstanding rated revenue bonds.

According to Moody’s, “the affirmation of the A1 acknowledges the system’s continuation of strong and very stable operating performance, leading market share as the only regional stand-alone pediatric provider and maintenance of favorable liquidity and balance sheet metrics. Further supporting the rating is ACH’s smooth transition in leadership upon the planned retirements of key senior leaders and completion of large capital projects.”

Offsetting the strengths are modest demographics and economic growth in the primary service area, a high reliance on federal and state supplemental funding, and a competitive market, the review noted.

“The A1 rating is a testament to Akron Children’s strong financial position, and the enduring trust placed upon us by families throughout Northeast Ohio,” said Grace Wakulchik, president and CEO of Akron Children’s. “The hospital’s board of directors and our management team continue to demonstrate excellent fiscal stewardship with an emphasis on continuous quality improvement and operational efficiency. Our decision making is always based on the question of `What is best for the children of our community?’ That’s been our North Star and it has guided us well for nearly 130 years.”

The full rating review can be read here: https://bit.ly/2BJmbne