{"id":454219,"date":"2021-03-09T16:24:19","date_gmt":"2021-03-09T21:24:19","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=454219"},"modified":"2021-03-09T16:24:19","modified_gmt":"2021-03-09T21:24:19","slug":"fitch-affirms-ballad-health-credit-rating-at-a-with-stable-outlook","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/fitch-affirms-ballad-health-credit-rating-at-a-with-stable-outlook\/","title":{"rendered":"Fitch affirms Ballad Health credit rating at \u2018A\u2019 with \u2018stable\u2019 outlook"},"content":{"rendered":"<h2>\nCiting challenges posed by the pandemic, and Ballad Health\u2019s response to the pandemic, analysts maintain confidence in Ballad Health\u2019s financial stewardship<br \/>\n<\/h2>\n<div class=\"mw_release\">\n<p>JOHNSON CITY, Tenn., March  09, 2021  (GLOBE NEWSWIRE) &#8212; Fitch Ratings, New York, today announced it has affirmed the credit rating for Ballad Health with a \u201cstable\u201d outlook. This rating was based on the most recent financial results reported by Ballad Health, which reflect losses primarily associated with the effects of the coronavirus disease 2019 (COVID-19) global pandemic.<\/p>\n<p>\u201cThough the pandemic continues to pose challenges for Ballad Health, its management team has transformed clinical operations to support COVID-19 and non-COVID-19 patients and implemented a corporate emergency operations center to successfully manage capacity,\u201d the rating agency stated. \u201cBallad, as most of the sector, saw operating income levels decline in 2020 due to the coronavirus\u2019s impact and the temporary loss of non-emergent (elective) procedures. The weaker (financial) performance was driven by a dramatic increase in COVID-19 cases in July 2020 and a second spike in October 2020. As volumes declined, management worked to aggressively reduce operating cost\u2026\u201d\u00a0<\/p>\n<p>Fitch also cited Ballad Health\u2019s strong cash management and \u201csound\u201d liquidity, while at the same time making a nearly $200 million investment into a common technology platform conversion \u2013 an unparalleled deployment during a massive global pandemic. The conversion to Epic, the information technology platform, was accomplished on time and under budget, while at the same time, Ballad Health implemented a new network platform and installed more than 15,000 new computers throughout the system.<\/p>\n<p>\u201cConfronting the unparalleled challenges presented by the pandemic, it is clear that Ballad Health, as one system, was able to respond in a much more coordinated way than we could have if we had not merged to become Ballad Health,\u201d said David Lester, Ballad Health\u2019s Lead Independent Board of Directors member. \u201cAs a board of directors, we immediately took the proper steps last February to ensure management had the tools and flexibility they needed to operationally and financially respond to the unknown consequences of the pandemic. Management moved quickly to shore up staffing, develop industry-leading predictive modeling, and throughout the pandemic, it leaned into responding to the needs of the community.<\/p>\n<p>\u201cWe are proud that Fitch recognizes our performance and the capabilities of the board and management team with this affirmation of our \u2018A\u2019 rating. Our stewardship of these assets relies upon sound financial management, which has certainly been challenged this year.\u201d<\/p>\n<p>\u201cWhen the pandemic was emerging as a threat, our board of directors unanimously agreed that Ballad Health would do whatever it needed to do to support our region and our communities,\u201d said Ballad Health Chairman and Chief Executive Officer Alan Levine. \u201cOur philosophy as a locally governed health system is to first care for the people in our region, with the faith that sound financial stewardship will lead to long-term success. Against the backdrop of many systems being downgraded due to losses experienced throughout the industry, we are proud of our team members and physicians who have stuck with us through this with the singular goal of caring for our region.\u201d<\/p>\n<p>Levine pointed to decisions made by Ballad Health to invest more, rather than less, into nursing and other clinical support staff, with an eye toward the nursing shortage and its prioritization of providing stable staffing as the community climbs out of the pandemic. Ballad Health increased nursing wages \u201csignificantly\u201d during the pandemic, even as the system sought to reduce other expenses.<\/p>\n<p>\u201cWe had a choice to make either short-sighted decisions to reduce our losses, or rather to invest in the long-term stability of our nursing staff,\u201d Levine said. \u201cBallad Health chose to guarantee nursing hours, increase base pay, provide certain additional benefits to all staff and generally to lean into having our staff\u2019s back during this tragic emergency. Their heroic efforts demanded nothing less. We knew this would have financial consequences in the near-term, and there will be pressure on labor costs going forward as we continue to stand by our nursing team, but we strongly believe this will lead to better results for our patients and, ultimately, more sound financial results over time. We are grateful Fitch recognizes this strategy.\u201d<\/p>\n<p>More information about Ballad Health is available at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=AcCzDSPpx1aBQrfINNcQd-ManYHO5KR2q5rgIpk4VXat6w-U3j8GtOkV46Ux6-fxU4xYWjQPi6D5KMXHkXXfbIikMp8jH83MSwEP56jdwaLwK6XNJZVuKEHXE-Pm057BNpwr5gtB2GGi0nbtz9ClYob_vk6H0g291ZqQuEMqcZbaZp-WArVOjQuLyI48sodl7n8pQIRsU31tISyw2GTPKFeGDrRhlzDAowW9OOWY1EmduSvHlAX5L8i4aP7QKYu4xGVBSaQmfybalQZt4OYy74vY7DgxLZMArCSrhazwxXRn_Q-9byaplEOLN8JZWTmvyDzKZVaMams3wIvlGsVL12Q10xYLWhxO64xaYqtUv3g9Gr8o5ioDhujIuMwwFXb8m3BSEifLKLGJ-FDySfJsFIe9JLhl-AbGFTy_1oxLYxKEe24CBmSZZFEBKPPfXifqGMhOZfDsETnyxciJiXnAqzI-0S1oSvZtu_-G-_PrI95_1IgjKkYzJw4igR8nyEMJksS7bPwzC9TWiyIMUWE2G-DBlK6iBbMzlDcUSJowV2JWyCfsABdOJT1H2gy0HQQf7SYFZ-kSEkEx_X_GkG1mFxcrdNuCFSI_LXcqCWPXMtGgjAySqkpz03FM8AbuyiiKXzbltUuI5ixqASBvchl2V9goSB36_icE_5kAj8iWMmhmXOG4Li78mgHSLSXscOYApvj3MEpQtebQZ6QKKuioRS5M5bvocXzBeA9kHml9pFB7z7e0Rh02xnKtJEvV3OAFEv_GKExCFsiJUGGSFTRDMYKgU44DjeXKS4g4cPu9LNLceKqNmXDoG_gexwmmyErk\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>www.balladhealth.org<\/u><\/a>.<\/p>\n<p align=\"center\">###\u00a0<\/p>\n<p>\n        <strong>About Ballad Health<\/strong>\n      <\/p>\n<p>Ballad Health is an integrated healthcare system serving 29 counties of Northeast Tennessee, Southwest Virginia, Northwest North Carolina and Southeast Kentucky. Our system was created to improve the health of the people we serve. Ballad Health operates a family of 21 hospitals, including three tertiary medical centers, a dedicated children\u2019s hospital, community hospitals, three critical access hospitals, a behavioral health hospital, an addiction treatment facility, long-term care facilities, home care and hospice services, retail pharmacies, outpatient services and a comprehensive medical management corporation. At Ballad Health, we\u2019re completely invested in our communities because we\u2019re your neighbors, and this is our community, too. We\u2019re here to listen to you and address your unique needs \u2013 and we\u2019ll always be accountable. Learn more at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=G3AEy-azrbYAuD6yJ9iezKifCqp-LrWS4QkIrKmMZhvmJ7zPexKTFslRohPgsrcZCkbwnipyrJFUKxfxftxOTo8PzVEoAehn6Xb5lyLTgC7d9hmxQFdwA2G86gZwSLZYhKqKt6RadxCRFiiDAfSnASm1-0XJT6lZ7sW36F56Egxe-fad7zUm0ehhU2G_e6dnajxJQYgshl0DZJz6NzbMn_X6hd2UozFuoJoapW9OcQMkfC-2O8ta6MQscCX97DkiDfwx2STx7xIdD4vhnCMm7y83qTLq6qfJQjMXu6s9DvOrnFz8atbNv5EcqDZGSzvgMP7x9bMj89kK_MK4DMsjNoUWCSnNLSJ9ZBlWlZyR4P6Pz-SHWAze2Y0dwL-Rs83ZdTAF1r42aK8kuJ2fxnEf1CFiFYo0yhVfWB9LfVSO7wXimPqxOVwOeSIsbH-ov4B8f4DUSmeHiava0dXFgVOO_IMEncr09KUxzmrZlXeq-lVP03oQKmz5LaPXuCvJgHl851sZLHeYDpDOR51jI98fHv-92w1CiB5XqbzM9MKE9jxGPj1XfKaOpYWLEcnG_T8CSvf6AHmZJ40vLkDFdcLTbzK4biau56Ih8YjSWk7pbxkRkyxKBlMXfYUPgre-xoKafrkHRw_oXgr2hwWL9seXhghR6qo7aq0xrS3E6Q1mq3j5wg8cIarElAo0ROYvYJE9ZfTN4OJHgVhFsXtcisaW6qxqvS3mIegUif0j52nUS_SkcEHVqLiMIa96Y3Av0U1F6GephnnQLzfdmFE_vSy60x1wH7rjdeOpjQBLBLonxU190eTm7NOkskpT-GZ-DK57-bdGNrIL7_iJ5tq-0cbVbjiF34xDbhUN59usVhkb1c2paRNIO5wHePdehnrPUimI7pABiNTYgMhu_vLHcHzuqyOZPEmldQzos2XSorxvpjoAsCTiXtAnkQlUUHsJCFLDpT3p8AhkgQoyBbsvYoB_K-L_XbmwCoEYQcI-w2147qhTLs9P5BP9uGq87o29EhnRMrcPY0pillvgUsTr8xCitqKwNZZ9MJCVw4qz5dgMyzKNw5KTwDUBB_4EwsFjtlnn_o7tDSlL4n7ZUNqN_KLApvWI_cS9Uaxfo5v7zkYu-Fq6tSi5LqIk7-9SyPS4MssSHaejF8_9zByx17ps8RcgEJtVTW6oCEbXSCPMKfdK2MxYCPTC5w4de338OA9aHBDgpZDvaPKs-BBgUIwoFAFK01_Tb9CIGQG0KSKwzN-BSh9wpSkR9Qx0uBJUQB_ZbPME0hFIYLGBHQErfY9Bvbewq-hgm3r-vg8_5EYHAlS4KtGp9kYcfxs9H2_cDlx2nFuOYNss481H8muJDAdMEolpVPL13OT8v1EpwyKMJvtlSMWdBgdTIGQWe8q6sSuBWgDQW02G8sLA4HpVyYiSsKuZ2H4R6_sk13M3pVu59AWKMAfdWVK_FmADEgNsSNM42WjzLZBLkHs8n6bOAXlyMfdqx4UtDNNBq-mLOwU1WcEIJkV0LEMCC0ti0XjGiwu8WS7nMbMAA-LWLireedCBh2XrsEPgLFmDedPUNV6uBkspxGQ7lr0US8rxQ2va9taeB8RVTZN2Xw6CLXldsIW2rIf3Lv7iMQe8RScGY1zBHRBut7vnP6x0GaKT7Noba4vVi7yAdom1HC-8vW0kjVRwrPiMaELPjxDMkBMb9GUz49eGd0hljdeEcDQGy6i_IIzLbGITSCbjNM9Bf_InVU9SBbh1KXywTnDFl5jtjnHQkoVyVIhN8OMeRAM16YTtOyualJtqGX9aDuM1b1b4063cCGNAr_n4l1TcJulyYjQ37hmt91UVPhKqGyVLAp0dEeFsTEu7Rbz2iY23ZZwLF8aCdfyat0SEGYBCco1IRBmREV-S4M-M4kxmf5fa1H82RjGvrJsZ\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>www.BalladHealth.org<\/u><\/a>.\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODE4NzIxNSM0MDU2MjkyIzIxMjM1ODE=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/330f12d1-84cc-4e65-8533-8335eab45a5c\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\">\n<pre>Ashlea Ramey\r\nBallad Health\r\n423-427-1356\r\nashlea.ramey@balladhealth.org\r\n<\/pre>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Citing challenges posed by the pandemic, and Ballad Health\u2019s response to the pandemic, analysts maintain confidence in Ballad Health\u2019s financial stewardship JOHNSON CITY, Tenn., March 09, 2021 (GLOBE NEWSWIRE) &#8212; Fitch Ratings, New York, today announced it has affirmed the credit rating for Ballad Health with a \u201cstable\u201d outlook. This rating was based on the most recent financial results reported by Ballad Health, which reflect losses primarily associated with the effects of the coronavirus disease 2019 (COVID-19) global pandemic. \u201cThough the pandemic continues to pose challenges for Ballad Health, its management team has transformed clinical operations to support COVID-19 and non-COVID-19 patients and implemented a corporate emergency operations center to successfully manage capacity,\u201d the rating agency stated. \u201cBallad, as most &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/fitch-affirms-ballad-health-credit-rating-at-a-with-stable-outlook\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Fitch affirms Ballad Health credit rating at \u2018A\u2019 with \u2018stable\u2019 outlook&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-454219","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fitch affirms Ballad Health credit rating at \u2018A\u2019 with \u2018stable\u2019 outlook - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/fitch-affirms-ballad-health-credit-rating-at-a-with-stable-outlook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fitch affirms Ballad Health credit rating at \u2018A\u2019 with \u2018stable\u2019 outlook - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Citing challenges posed by the pandemic, and Ballad Health\u2019s response to the pandemic, analysts maintain confidence in Ballad Health\u2019s financial stewardship JOHNSON CITY, Tenn., March 09, 2021 (GLOBE NEWSWIRE) &#8212; Fitch Ratings, New York, today announced it has affirmed the credit rating for Ballad Health with a \u201cstable\u201d outlook. This rating was based on the most recent financial results reported by Ballad Health, which reflect losses primarily associated with the effects of the coronavirus disease 2019 (COVID-19) global pandemic. \u201cThough the pandemic continues to pose challenges for Ballad Health, its management team has transformed clinical operations to support COVID-19 and non-COVID-19 patients and implemented a corporate emergency operations center to successfully manage capacity,\u201d the rating agency stated. \u201cBallad, as most &hellip; Continue reading &quot;Fitch affirms Ballad Health credit rating at \u2018A\u2019 with \u2018stable\u2019 outlook&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/fitch-affirms-ballad-health-credit-rating-at-a-with-stable-outlook\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-09T21:24:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODE4NzIxNSM0MDU2MjkyIzIxMjM1ODE=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fitch-affirms-ballad-health-credit-rating-at-a-with-stable-outlook\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fitch-affirms-ballad-health-credit-rating-at-a-with-stable-outlook\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Fitch affirms Ballad Health credit rating at \u2018A\u2019 with \u2018stable\u2019 outlook\",\"datePublished\":\"2021-03-09T21:24:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fitch-affirms-ballad-health-credit-rating-at-a-with-stable-outlook\\\/\"},\"wordCount\":843,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fitch-affirms-ballad-health-credit-rating-at-a-with-stable-outlook\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODE4NzIxNSM0MDU2MjkyIzIxMjM1ODE=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fitch-affirms-ballad-health-credit-rating-at-a-with-stable-outlook\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fitch-affirms-ballad-health-credit-rating-at-a-with-stable-outlook\\\/\",\"name\":\"Fitch affirms Ballad Health credit rating at \u2018A\u2019 with \u2018stable\u2019 outlook - 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This rating was based on the most recent financial results reported by Ballad Health, which reflect losses primarily associated with the effects of the coronavirus disease 2019 (COVID-19) global pandemic. \u201cThough the pandemic continues to pose challenges for Ballad Health, its management team has transformed clinical operations to support COVID-19 and non-COVID-19 patients and implemented a corporate emergency operations center to successfully manage capacity,\u201d the rating agency stated. \u201cBallad, as most &hellip; Continue reading \"Fitch affirms Ballad Health credit rating at \u2018A\u2019 with \u2018stable\u2019 outlook\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/fitch-affirms-ballad-health-credit-rating-at-a-with-stable-outlook\/","og_site_name":"Market Newsdesk","article_published_time":"2021-03-09T21:24:19+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODE4NzIxNSM0MDU2MjkyIzIxMjM1ODE=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/fitch-affirms-ballad-health-credit-rating-at-a-with-stable-outlook\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/fitch-affirms-ballad-health-credit-rating-at-a-with-stable-outlook\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Fitch affirms Ballad Health credit rating at \u2018A\u2019 with \u2018stable\u2019 outlook","datePublished":"2021-03-09T21:24:19+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/fitch-affirms-ballad-health-credit-rating-at-a-with-stable-outlook\/"},"wordCount":843,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/fitch-affirms-ballad-health-credit-rating-at-a-with-stable-outlook\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODE4NzIxNSM0MDU2MjkyIzIxMjM1ODE=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/fitch-affirms-ballad-health-credit-rating-at-a-with-stable-outlook\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/fitch-affirms-ballad-health-credit-rating-at-a-with-stable-outlook\/","name":"Fitch affirms Ballad Health credit rating at \u2018A\u2019 with \u2018stable\u2019 outlook - 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