S&P Global Ratings has raised Saint Peter’s University Hospital credit rating to BBB+ and stable outlook, the hospital announced Tuesday.
S&P noted Saint Peter’s sustained financial health and continuous performance improvement over the last seven years, including a track record of positive operating margins, for the upgrade, according to their Oct. 17 published report.
Saint Peter’s CEO Les Hirsch obviously was thrilled.
“We are very pleased to receive this affirmation from S&P Global Ratings, an objective, third-party organization,” he said. “S&P objectively assesses our financial health in the context of our Catholic mission and the market in which we operate, taking into consideration the challenges of the ever-evolving healthcare environment.
“As one of the few remaining single-hospital health systems in New Jersey, Saint Peter’s future remains bright. We will continue to stay focused on providing our patients with the highest quality of care and excellent service, growth, and innovation, while continuing to be good stewards of our resources and keeping our mission at the core of all that we do.”
With an 118-year rich history, Saint Peter’s serves a crucial role in the delivery of health care services in central New Jersey, especially as a safety-net hospital caring for the underserved in its communities. Last year, the health care system completed a multimillion-dollar expansion and modernization of Saint Peter’s Family Health Center in New Brunswick, which this year will have more than 80,000 primary and specialty care visits for children, adults, and expectant women.
S&P’s rating upgrade comes as Saint Peter’s launches multimillion-dollar expansion and modernization projects of the intensive care and perioperative units of The Children’s Hospital at Saint Peter’s University Hospital and of the adult intensive care unit within the hospital. These projects are expected to be completed in 2026-2027.
