The rating refers both to City of Hope’s outstanding debt and to $600 million of bonds it holds. The overall outlook is negative.
CTCA had weak operating performance prior to the acquisition and this coincided with weaker operating performance for City of Hope amid COVID-19 pressures and higher labor costs, S&P analysts said.
“These challenges also coincide with a period of significant capital spending to broaden COH’s footprint, and we believe that there is significant integration risk over the outlook period as management integrates CTCA,” the report said.
Earlier this month, City of Hope reported annual losses totaling $705 million compared with a net gain of $787 million in 2021.
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
