S&P Global Ratings placed the "A-" long-term and underlying ratings issued for Englewood, Colo.-based Catholic Health Initiatives' debt on CreditWatch with negative implications.
"The CreditWatch placement reflects our receipt of CHI's fiscal year-end statements and commentary, which combined with other non-financial factors is reflective of continued ongoing financial and operational problems," said S&P analyst Martin Arrick. "While some progress has been made on CHI's improvement plan, some slippage is also evident."
CHI reported an operating loss of $483.3 million in fiscal year 2016, Last year, the health system maintained an operating surplus of $23.9 million.