Concurrently, Fitch upgraded its bond rating on Palmetto Health’s outstanding bonds to “A-” from “BBB+” and downgraded Greenville’s bond ratings to “A-” from “AA-.”
The rating assignment is a result of several factors, including the health system’s leading market position, large provider network and expected operating margin improvements. Fitch unfavorably viewed the newly formed health system’s elevated leverage metrics and weaker financial results in 2018, the first combined year of operation.
The rating outlook is stable.
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