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North Shore keeps bond rating

North Shore's emergency entrance

North Shore's emergency entrance Photo Credit: Joel Cairo

The North Shore-Long Island Jewish Health System has maintained its A- rating for a $1.1 billion bond issue, the system said.

The Fitch Ratings Ltd. financial assessment also upgraded its outlook for the system to stable, from negative.

The A- rating is for bonds issued on behalf of North Shore LIJ by the state Dormitory Authority and the Nassau County Industrial Development Agency.

Fitch said the North Shore LIJ rating was based on solid financial performance. It said "profitability has shown steady improvement” for the past two years.

The rating explanation continued, "The system's strengthened operating profitability and an improved investment environment" has mitigated the effects of its debt load.

The system, based in Great Neck, had $4.9 billion in revenues in 2009. Among its 15 hospitals are North Shore University Hospital, in Manhasset; Long Island Jewish Medical Center, in New Hyde Park; Huntington Hospital; and Franklin Hospital in Valley Stream.

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