$1.8B in ProMedica bonds taken off negative watch following sale

Toledo, Ohio-based ProMedica had a rating watch negative grade removed on $1.8 billion of bonds, Fitch said Nov. 7. The overall rating for the 12-hospital system was affirmed at “BB-.”

Advertisement

The decision to remove the negative watch follows the completion of the system’s sale of its home health, hospice and palliative care business and subsequent repayment of $453 million in debt, Fitch said.

Operating performance at ProMedica is expected to stabilize in 2024 as the system focuses on its core operations and considers the future of several business lines and revenue streams, Fitch said.

Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit

Advertisement

Next Up in Financial Management

Advertisement

Comments are closed.