Standard & Poor’s, Fitch Ratings and Moody’s assign top ratings to healthcare system. Three of the nation’s top financial ratings agencies have given Spartanburg Regional high marks.
Standard & Poor’s, Fitch Ratings and Moody’s have each assigned the healthcare system top ratings for superior financial performance. The ratings express the financial sector’s confidence in Spartanburg Regional’s business position and debt service recovery program, officials said. Each agency cited the system’s ability to remain solvent
in uncertain economic times. That solvency, said Ingo Angermeier, President and CEO of Spartanburg Regional, represents the healthcare system’s commitment to patient care with the good
stewardship of its revenue.
The financial performance of a not-for-profit hospital translates into more options for the provision of care, he said. “It is our responsibility to reinvest in our community,” Angermeier said. “Spartanburg Regional believes that our patients, and the folks who live in our service area, are our shareholders. In a not for-profit world, this basic tenet guides everything we do.”
In addition to strict, strategic financial maintenance, the ratings agencies also recognized Spartanburg
Regional’s many relationships with global clinical leaders, including M. D. Anderson Cancer Center in Houston, the National Cancer Institute and even the U.S. Department of Defense with its “Hospital of the Future” program.
“When the M. D. Andersons’ and other well-respected organizations show an interest in what we do, and how we do it, it is a testament to our efforts,” said Terry Cash, Chairman of Spartanburg
Regional’s Board of Trustees. And that collaboration with world-renowned partners showcases commitment on the local level, too.
“Without the support and keen insight of our local leaders, this very positive financial diagnosis
wouldn’t be possible,” Angermeier said. “This success is a result of the collaboration of Spartanburg County Council and the Spartanburg Regional Board of Trustees.”
The agencies asked specific questions regarding governance structure, industry best practices and
public hospital benchmarks for board selection.
“Thanks to the leadership of County Council and the Board, the system received high marks in all of
these areas, resulting in these great ratings,” Angermeier said.