The ratings reflect Care New England’s “ongoing operational challenges and thin liquidity,” Fitch said. While operating performance is expected to improve, there remains a low cash position of concern, the note said.
The 970-bed system reported operating losses of $13.8 million in the fourth quarter of 2022 with overall net income of $1.34 million. The system has only approximately 44 days of cash on hand, Fitch said.
Care New England and Providence-based Lifespan have not ruled out another attempt at merging after regulators tossed their proposal in February 2022.
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