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Tampa General Hospital, Florida, gets positive outlook

BY SourceMedia | MUNICIPAL | 10/16/25 01:35 PM EDT By Robert Slavin

Fitch Ratings raised to positive from stable the outlook on its A rating on Tampa General Hospital, Florida's health care facility revenue bonds and hospital revenue bonds.

Fitch explained the improved outlook, saying TGH's "continued strategic enterprise growth, stable operating results and adjusted leverage metrics that demonstrate ample flexibility and cash to adjusted debt ratio [are] consistent with the higher end of the rating category by year two of Fitch's stress scenario."

Tampa General Hospital is the operating name for Florida Health Sciences Center, which had $1.269 billion of long-term debt outstanding as of June 30, according to a financial report it posted to the MSRB's EMMA web site. According to its most recent annual comprehensive financial report, about 70% of this is bond debt.

Fitch said its A rating was supported by expectation of robust revenue growth and an economically strong and growing service area. TGH's collaboration with the University of South Florida School of Medicine is a positive for the rating.

While TGH's net leverage metrics are consistent with a AA rating, its overall financial profile is more consistent with the A rating category and it has execution risk related to a major construction project, Fitch said.

Combined Medicaid and self-pay has been stable and under Fitch's benchmark of 25% of revenues in recent years.

Earnings before interest, taxes, depreciation and amortization were 8.3% in fiscal 2024. Fitch expects this to improve in fiscal 2026 and top 9% in fiscal 2027.

TGH ended fiscal 2024 with unrestricted cash and investments of $1.48 billion.

Fitch's actions affect TGH's issuer default rating and series 2024A and B bonds issued through Florida Development Finance Corp. and Series 2020 A, B and C bonds issued through the Hillsborough County Industrial Development Authority.

S&P Global Ratings rates Tampa General Hospital's debt A-minus with a stable outlook.

The hospital didn't immediately respond to a request for comment.

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