Adena receives upgraded rating outlook from Moody’s


CHILLICOTHE, OH – For the second time in recent months, Adena Health System’s financial condition has earned a positive review from a noted credit rating service.

New York-based Moody’s Investors Service has reaffirmed the Health System’s A3 credit rating and upgraded its outlook from stable to positive. Each year, Adena Health System leaders present the organization’s profile, market trends, strategies and financial position to rating agencies such as Moody’s. After conversations and detailed review of information, the rating agency publishes a rating of credit strength.

A strong credit position enhances the organization’s ability to execute on its strategic plans and look at future growth opportunities to better serve Adena’s nine county service region.

“These are challenging times in health care, and to receive a rating outlook upgrade is rare,” said Jim McManus, Adena’s Chief Financial Officer. “This rating is reflective of the excellence in how we serve our communities by providing excellent care with quality outcomes and executing on our strategic plan. Achievement of this rating is a collaborative effort by everyone associated with Adena over a sustained period of time. We have displayed our abilities to execute our strategic plans with results and still maintain a focus on our future and growth.”

The rating issued is monitored by investors and potential investors and can be likened to an individual’s credit score. In its report, Moody’s stated, “Adena Health System’s credit quality reflects expectations of further revenue growth, given the System’s leading primary market share, continued growth and investment in its large employed multi-specialty physician group and a recent acquisition of a small critical access hospital, which will help stem volume outmigration.”

With regard to Adena’s upgraded outlook, the agency reported, “The positive outlook reflects our expectation that, despite COVID-related volume disruption and industrywide labor shortages, the operating cash flow margin will remain solid for fiscal 2022 because of stable demand for services, strong physician alignment, ongoing cost reductions and stable supplemental funding.”

The news follows close on the heels of another notable credit rating agency, S&P Global Ratings, assigning Adena an A- rating with stable outlook in March.

For more about Adena Health System, its health care providers, and full range of services, visit, or follow us on Facebook, Instagram, or Twitter @adenamedical.

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