August 23, 2018

SARATOGA SPRINGS, NY, August 23, 2018—S&P Global Ratings has raised Saratoga Hospital’s long-term rating and underlying rating to ‘A’ from ‘A-,’ citing the hospital’s “very strong and consistent operating performance” and the benefits of Saratoga Hospital’s affiliation with Albany Med.

With the ‘A’ rating, Saratoga Hospital is now among the highest rated hospitals and hospital systems in New York State. Of the 18 New York hospitals and systems rated by S&P, only three scored as high or higher than Saratoga Hospital. The S&P outlook for Saratoga Hospital is “stable.”

“The higher S&P rating reflects our financial strength and is good news for the hospital and our community,” said Gary Foster, Saratoga Hospital vice president and chief financial officer. “With an ‘A’ rating, any bonds we issue are more attractive to banks and other investors, so we can finance capital improvements at lower interest rates. That gives us more resources to invest in caring for the Saratoga region.”

The S&P report noted Saratoga Hospital’s ample and growing liquidity, increasing admissions, and leading market share. Although S&P does not rate Albany Medical Center, S&P said, “We believe the recent affiliation benefits Saratoga’s overall credit profile given AMC’s strategic support and oversight.”

S&P also highlighted Saratoga Hospital’s stable management team, robust and consistent financial performance, and strong and improving leverage.

Saratoga Hospital sought its first S&P rating in 2003 when issuing bonds to help finance construction of Saratoga Surgery Center on the Wilton campus. The hospital’s rating has been upgraded from ‘BBB+’ in 2003 to ‘A-’ in 2012 to ‘A’ this year.

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