Additionally, Fitch placed Care New England on Rating Watch Evolving, reflecting a letter of intent to merge with Boston-based Partners HealthCare System.
The downgrade is a result of several factors, including the health system’s continued operating losses, decreased liquidity measures and reduced patient volumes. Fitch also acknowledged CNE’s feasible debt burden and improved outlook for fiscal year 2018 provided the health system sells Pawtucket, R.I-based Memorial Hospital and merges with Partners.
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