Second rating agency confirms Legacy’s financial progress

S&P Global Ratings has affirmed Legacy Health’s investment-grade bond rating of A with stable outlook. This decision, combined with Moody’s recent rating of Legacy, confirms our continued financial improvement.

S&P’s last rating of Legacy was in November 2023. Prior to and since that time, workforce labor and other costs of delivering care have increased substantially throughout the healthcare industry. Despite that economic challenge, Legacy is seeing sustained, improved performance thanks to comprehensive efforts across our organization.

Highlights from S&P’s rating report include:

• Strong profile: Legacy has a “strong enterprise profile, underlined by the system's sizable primary service area (PSA), sound economic fundamentals, and a relatively stable business position.”
• Stable outlook: S&P believes the Legacy system’s “strategic and operational initiatives will continue to steadily improve underlying operating performance.”
• Increased reserves (good balance sheet): Sustained operational improvements, strategic asset sales as well as relatively low debt have sustained Legacy's balance sheet strength with days cash on hand of 182 as of December 2024.
• Operating improvement: Although we and our peers in health care continue to face operational headwinds, we have lessened our operational losses.