Concurrently, Fitch downgraded the district’s series 2010B revenue bond rating to “BB+” from “BBB,” affecting $44.65 million of debt.
The downgrade is a result of several factors, including the health system’s low operating margins, high capital needs assessment as well as its weak leverage position and weaker liquidity metrics. Fitch also acknowledged the health system’s strong management team and healthy market position.
The outlook is stable at the lower rating level.
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