Hannibal (Mo.) Regional Healthcare System’s rating was downgraded to “BB+” from “BBB-” by Fitch.
The downgrade reflects the system’s persistently weak operating performance and declining liquidity despite funding from the Federal Emergency Management Agency, Fitch said in its March 16 report.
Hannibal Regional has a leading 40% inpatient market share in its primary service area, but demographics are weaker than state and national benchmarks, with Marion County’s median house income trailing Missouri and national levels, Fitch said.
Fitch said it views Hannibal Regional’s switch to Epic and expanded service lines — including electrophysiology and an open-heart program — as positive developments, but its ability to maintain its BB+ rating depends on achieving breakeven operations and stabilizing liquidity.
Hannibal Regional has a negative outlook at its new rating.
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