Rating Agency Finds CMC, GraniteOne Health to be in Position of Strength
S&P Global Ratings recently affirmed its "A-" rating and stable outlook for Catholic Medical Center (CMC), a member of GraniteOne Health. In its analysis, S&P cited GraniteOne Health’s credit strengths, including a leading market share, growing demand for services, and a “strategic management team that positioned itself well in New Hampshire’s evolving competitive landscape through various collaborations and partnerships across the region.”
“Many healthcare organizations are facing significant financial challenges, so we are especially pleased to receive this affirmation,” said Joseph Pepe, MD, CEO of GraniteOne Health and President & CEO of CMC. “This is the result of smart and responsible planning and stewardship on behalf of both organizations’ boards.”
GraniteOne Health, formed in January, 2017, consists of CMC, Huggins Hospital in Wolfeboro, and Monadnock Community Hospital in Peterborough. In addition, CMC has clinical partnerships with Dartmouth-Hitchcock and Massachusetts General Hospital. These collaborations, along with the success of CMC’s Transfer Center and the statewide reach of the New England Heart & Vascular Institute, gives the organization a strong footing in what S&P describes as a highly-competitive market.
“One of the reasons we formed GraniteOne Health was to stay ahead of the financial pressures so many hospitals face. When our organizations are fiscally stable, we’re able to reliably provide the high-quality care our patients expect,” said GraniteOne Health and CMC Chief Financial Officer Edward Dudley, MBA. “We’re pleased that S&P can see the vision we have for the future of CMC and GraniteOne Health.”
Since the fall of 2017, CMC has been undergoing renovations and improvements to meet the increased demand for services, especially in highly-skilled, acute care. Several projects, which included ten new ICU beds, a ten-bed Clinical Decision Unit, a new suite for Outpatient Non-Invasive Cardiology, and conversion to a new electronic medical record system, were largely funded by a $58.6 million bond issued by the New Hampshire Health & Educational Facilities Authority.