2 Hospitals Receive Credit Downgrades in Past Month
West Penn Allegheny Health System's recent downgrade made headlines last week after reports indicated the health system's bondholders and potential new owner Highmark tentatively agreed to a deal that would prevent West Penn from filing for bankruptcy.
The health systems receiving credit downgrades include:
• Tuomey Healthcare System (Sumter, S.C.) — from BBB to BBB- (S&P)
• West Penn Allegheny Health System (Pittsburgh) — from CCC to C (Fitch)
Bucking recent hospital credit trends, upgrades outnumbered downgrades in the past month. Hospitals and health systems that recently garnered credit upgrades include:
• Meridian Health System (Neptune, N.J.) — from A- to A (S&P)
• Methodist Hospitals (Gary, Ind.). — from BBB- to BBB (Fitch)
• St. Charles Health System (Bend, Ore.) — from A3 to A2 (Moody's)
• Thorek Memorial Hospital (Chicago) — from A to A+ (S&P)
• Yampa Valley Medical Center (Steamboat Springs, Colo.) — from BBB to BBB+ (S&P)
Four hospitals and health systems also had positive rating affirmation changes, while nine hospitals and health systems had negative rating affirmation changes.
Related Articles on Hospital Credit Ratings:
Fitch Cuts West Penn's Credit Rating to "C"
CFO Warren Forgey: Forging Finances Ahead at Schneck Medical Center
8 Hospitals Receive Credit Downgrades in Past Month
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