Beloit, WI (May 20, 2016) – Beloit Health System, a leading healthcare facility serving the Southern Wisconsin and Northern Illinois region, announced that Fitch Ratings has affirmed an “A-“ rating for revenue bonds issued on behalf of the organization. Additionally, Fitch assigned the “A-“ rating for $14.17 million in series 2016 revenue bonds issued in May. Fitch Ratings based their valuation on the Beloit Health System’s strong operating results, consistent operating profitability, and moderate debt burden.
“We are very pleased with this rating. Proceeds from the 2016 series bond sales will help fund two very important capital projects, the Hendricks Family Heart Hospital at Beloit Hospital and the construction of the new ambulatory surgery center at NorthPointe,” said Tim McKevett, President, and CEO of Beloit Health System. “Our history of success and strategy for growth place us in a strong market position, and we are grateful to be able to continue to bring our community new services.”
Beloit Health System operates a 256-licensed bed acute care hospital with a multispecialty physician group in Beloit, WI approximately 45 miles southwest of Madison, WI and 100 northwest of Chicago.
The system's strong market position and highly aligned medical staff are primary credit strengths, bolstering the system’s credit stability. Beloit Health System holds a strong leading 60% market share in its primary service area. No other hospital holds greater than a 20% market share. The acquisition of the Beloit Clinic in 2010 bolstered the system’s competitive position. In addition, various service line affiliations with other health systems including University of Wisconsin Health and Aurora Healthcare have augmented the health system’s market position.
About Beloit Health System
Beloit Health System is an integrated healthcare organization providing a continuum of care for the residents of southern Wisconsin and northern Illinois. Beloit Health System offers residents inpatient and outpatient services including the area’s most innovative heart and vascular programs, a Level III Trauma Center, advanced orthopedics, cancer care, and the region’s first comprehensive health and wellness campus at NorthPointe in Roscoe, Illinois. Beloit Health System includes: Beloit Hospital, Beloit/UW Cancer Center, Occupational Health, Sports and Family Medicine, NorthPointe Health and Wellness Campus; the assisted living facilities located at NorthPointe Terrace and Riverside Terrace; and a network of doctors and advanced practice professionals providing care at the Beloit Clinic, Westside Clinic, Clinton Clinic, Darien Clinic and Janesville Clinic.
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