Covenant rebounded strongly since 2009, Fitch report says - KCBD NewsChannel 11 Lubbock

Covenant rebounded strongly since 2009, Fitch report says

Updated:

By James Clark - email

LUBBOCK, TX (KCBD) - Back in 2009, Lubbock's largest private employer laid off more than 140 people.  But now, a recent financial report shows Covenant Health System is in much better shape.  The report from Fitch Ratings actually covers Covenant's parent organization, St. Joseph Health System, which more than doubled its profit on day-to-day operations from $74.2 million in fiscal year 2009 to $167.1 million in fiscal year 2010. 

Covenant no longer has a salary and wage freeze that started in 2009.  Fitch says Covenant has $1.26 billion of debt in the form of revenue bonds, and $1.85 billion in unrestricted cash and investments.

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