Daily News | Moody’s downgrades Thomas Jefferson University credit rating, citing lower profits and higher debt
A key factor in the downgrade is that operating margins are expected to remain lower for a longer period than Moody’s previously expected. “We estimate the operating cash flow margin will be 2-4% over the next several years, compared with prior expectations of 5-6%,” Moody’s said.
In its March 30 report, Moody’s cited higher labor costs and constraints on patients entering and leaving the hospital due to longer lengths of stay and the“Jefferson is not immune to the financial challenges facing the entire healthcare industry. We continue to implement strategies to help strengthen our financial position, even in the face of these challenges,” Mordach said in a statement.
Another big factor in the downgrade was Jefferson’s relatively high debt level of $3.4 billion, compared to the amount cash its businesses are generating. That ratio was “a very high 9 times and 11 times in the 18 months ended Dec. 31,” Moody’s said. It is “expected to decline to a still high 6-7 times over the next two fiscal years.”
Its revenue in its most recent fiscal year was $7.9 billion. It employs more than 36,000 on a full-time-equivalent basis.
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