AVMC Achieves “Investment Grade” Credit Rating

Standard & Poor’s Issues Hospital’s First Rating with a Stable Outlook

Lancaster, CA, August 25, 2021 – Antelope Valley Medical Center received a ‘BBB’ long-term rating and a ‘BBB’ issuer credit rating (ICR) by the Standard and Poor’s Global Ratings. This marks the first time the hospital has been rated by the S & P. "The rating reflects AVMC's unique market position in its primary service area within Los Angeles County," said S&P Global Ratings credit analyst Chloe Pickett.

The rating also included S & P’s opinion of AVMC:

• Leading market position with broad service lines, many of which are only offered at AVMC within the service area;
• Historically positive operations and cash flow, although somewhat constrained through fiscal 2020 and the 11-month interim period due to COVID-19 pressures; and
• Healthy unrestricted reserves resulting in solid days' cash on hand and unrestricted reserves-to-long-term debt, which we expect will remain stable given moderate capital spending.

“The rating is a positive reflection on the hospital and its future,” said Edward Mirzabegian, CEO of Antelope Valley Medical Center. “Although, the pandemic created many challenges, the hospital worked hard to maintain financial stability and operational efficiency, all without losing the overall quality of patient care and the addition of new service lines.”

Standard & Poor’s rating of ‘BBB’ ranks within a classification often considered by investors to be “investment grade” quality. This rating marks the first within the “investment grade” classification achieved by Antelope Valley Medical Center since 2014, and further validates that AVMC leadership has been responsible stewards of the hospital’s assets.

About Antelope Valley Medical Center

Antelope Valley Medical Center, the only full-service, acute-care hospital in the Antelope Valley, has been delivering exceptional care to the community since 1955. It offers the region’s only

level II trauma center, pediatric unit, NICU, inpatient mental health care, labor and delivery, accredited Chest Pain Center/STEMI Receiving Center, Advanced Primary Stroke Center and Comprehensive Community Cancer Center. More information is available at www.AVMC.org or by calling 661-949- 5000. Follow us on Facebook, Twitter and Instagram @antelopevalleyhospital

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