Standard & Poor's affirmed it's underlying A rating, and it's AAA/A-1+ long term rating, and revised its outlook to positive from stable on the North Broward Hospital District (doing business as Broward Health). The revision was based on Standard &Poor's view of Broward Health's improved financial profile.

Moody's Investors Service affirmed the A2 rating assigned to NBHD's $264 million outstanding bonds stating that the rating outlook is stable, and reflects their belief that financial performance will continue to provide for ample debt service coverage.

The ‘A' rating reflects the four-hospital system's dominant and growing market position in Broward County with 34.6% primary market share in fiscal 2009 compared to 33.7% and 33.6 % in 2008 and 2007 respectively; favorable financial performance generating adjusted operating and excess margins since fiscal 2006 that they consider strong; consistent tax revenues and a tax millage strategically maintained at a lower rate for the past four fiscal years allowing for future revenue flexibility; and declining leverage with a long-term debt-to-capital ratio at 29%.

The Moody's A2 rating cited a strong rebound of cash since the end of FY 2009, a stable trend of absolute operating cash flow since FY 2006, good annual volume trends, leading market share, and a low debt burden. Moody's also noted Broward Health's conscious decision to invest in clinical technology that further distinguishes its tertiary and quaternary services which is supporting market share growth.

Both credit rating agencies acknowledged challenges facing Broward Health in the short term and intermediate future. These include the current economic downturn in Florida, the current housing market and property de-valuation within the region, a competitive 18 hospital market as well as a large share of uninsured patients.

"Through the commitment of the North Broward Hospital District's Board of Commissioners to improve our core operations, and Broward Health's favorable financial performance, the commission was able to lower the tax millage to 1.7 mills for 2009/10, compared to 2.48 mills in 2005, and 2.17 mills in 2007," said Frank Nask. "S & P's and Moody's ratings reflect a high level of confidence in Broward Health to sustain financial improvement."

Broward Health, providing service for more than 50 years, is a nationally recognized system offering world class health care services to our neighbors in South Florida. One of the 10 largest public health systems in the nation, Broward Health includes Broward General Medical Center, North Broward Medical Center, Imperial Point Medical Center, Coral Springs Medical Center, Chris Evert Children's Hospital, Broward Health Weston and more than 30 facilities of the Community Health Services and Broward Health Physician Group. For more information visit, www.browardhealth.org.