CLEARWATER, Fla. , Aug. 9, 2024 /PRNewswire/ -- BayCare Health System maintained its impressive credit ratings this week in new rating agencies' reports, just five weeks after the organization underwent a corporate restructuring.
BayCare maintained an AA rating with Fitch and an AA2 with Moody's. "BayCare has a long history of good financial stewardship. I'm proud to say, even as we embark on significant investments to ensure we continue to serve our communities' health, we do so on sound financial footing," said Stephanie Conners , BayCare's president and CEO.
"BayCare is planning to remain West Central Florida's provider of choice for decades to come." The ratings report came on the heels of BayCare's request last week before the Hillsborough Industrial Development Authority for a new tax-exempt bond. The request, unanimously approved by the authority, would finance capital investments and renovations across BayCare's primary footprint of Hillsborough , Manatee , Pasco , Pinellas and Polk counties.
The ratings also came five weeks after June 30 , when BayCare moved to a new corporate legal structure . Now, BayCare hospitals and health care facilities are fully and legally part of BayCare. The new structure replaced the 50-year Joint Operating Agreement (JOA) between several local hospitals that created BayCare in 1997.
It ensured that BayCare, one of the region's largest private employers, will remain strong, providing health care access and quality jobs for the region inde.