June 7, 2011
Standard & Poor’s Upgrades BCM’s Outlook To Stable, Affirms A-Rating
Standard & Poor's has upgraded its rating outlook for Baylor College of Medicine to stable and affirmed its A- bond rating.
"The rating outlook change is based upon our opinion of BCM's ability to cut and manage expenses and thus improve its operating deficits," said Standard & Poor's credit analyst Carlotta Mills. "In addition, we note BCM's hiring of a new CEO, continued planning of what to do with the McNair campus, and reduction of debt."
S&P previously had rated BCM's outlook as negative on Harris County Health Facilities Development Corp. and Harris County Cultural Education Facilities Corp. bonds on an overall bond rating of A-.
Dr. Paul Klotman began serving as BCM's president and CEO on Sept. 1, 2010.
"The stable outlook rating from S&P is good news for the College, and reflects the focus we have had on improving operations and forming strategic plans for the future," he said. "We are very optimistic about the future of the McNair Campus and continue to assess options for the facility. The accompanying Medical Office Building now includes several of our busiest clinical practices and has proven to be an excellent location, especially for the convenience of our patients."
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