ProMedica announced that it recently received a credit rating upgrade to Baa3 with a positive outlook from Moody’s Ratings (“Moody’s”). This upgrade marks ProMedica's return to investment-grade credit rating status.

The Moody's report highlights multiple factors that contributed to its decision to upgrade ProMedica's credit rating for the second time this year. One key factor is ProMedica's position as the market leader in the northwest Ohio and southeastern Michigan region, supported by an extensive network of hospitals and physicians well equipped to meet the community’s demand for high-acuity care.

Additionally, the successful completion of ProMedica’s organizational restructuring and the implementation of greater operating discipline have been recognized as vital components that will likely improve cash flow margins. Moody’s also noted ProMedica's improved liquidity, which enables the organization to efficiently cover its expenses and meet debt obligations going forward.

“We are pleased with Moody’s recent upgrade of ProMedica’s credit rating to investment grade, said Arturo Polizzi, president and CEO of ProMedica. “In the face of substantial financial challenges following the pandemic, our teams came together, refocused our strategies, and made the decisions necessary to restore ProMedica’s financial health. This credit rating upgrade reflects the remarkable progress we made toward building a more resilient, efficient, and sustainable health system that can meet the community’s needs well into the future.”